A widely followed crypto analyst believes Bitcoin (BTC) is on the verge of breaking out against gold.
Crypto trader Michaël van de Poppe tells his 816,800 followers on X that the BTCUSD/gold ratio, which is the value of Bitcoin relative to the price of gold, is showing bullish divergence on the daily chart.
Bullish divergence, which suggests price will start to increase, occurs when the price of assets records lower lows while indicators, such as the Relative Strength Index (RSI), a momentum oscillator indicator, are witnessing higher lows.
“Massive bullish divergence on the daily timeframe for BTCUSD versus gold. Gold comes down, Bitcoin consolidates and this starts to look better. On top of that, given that this is a valid bullish divergence, it implies that
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