If every company in the S&P 500 puts 10% of their cash into Bitcoin, the cryptocurrency then becomes a trillion dollar market, said Gary Wagner, editor of TheGoldForecast.com.
While gold is climbing slow and steadily as opposed to Bitcoin's sudden burst into new all-time highs, similar to the "tortoise and the hare", Bitcoin has higher upside potential in the short-term, with an upside target of $61,000, and a downside correction floor of $39,000, Wagner said.
0:00?EUR< - Bitcoin price outlook9:12?EUR< - Gold price outlook
Gary Wagner has been a technical market analyst for 25 years. A frequent contributor to STOCKS & COMMODITIES Magazine, he has also written for Futures Magazine as well as Barrons. He is the executive producer of "The Gold Forecast," a daily video newsletter. He has been a speaker for financial seminars including Futures West and the Dow Jones Financial Symposium which travels throughout the world.. Coauthor of "Trading Applications Of Japanese Candlestick Charting" a John Wiley publication.