Bitcoin and crypto are extremely overbought and at risk of a significant correction. There are parallels to the end of 2017 peak in crypto which was followed by two corrections in the stock market and a significant low in Gold. In other words, a peak in Bitcoin could lead to stock market correction, which would be very bullish for Gold.
Jordan Roy-Byrne, CMT is a Chartered Market Technician and member of the Market Technicians Association.. He is the publisher and editor of TheDailyGold Premium, a publication which emphasizes market timing and stock selection for the sophisticated investor, as well as TheDailyGold Global, an add-on service for subscribers which covers global capital markets.