Bitcoin has not been able to stabilize above USD 44,499 despite several attempts to rise. Its dominance reached a new high for the year in the last seven trading days.
It is often said that Bitcoin is the digital gold. But Bitcoin has been able to show a significantly stronger increase in value than gold in recent years. But how could it be in 2022? Will an investment in gold or bitcoin pay off more? Today we will look at the chart of the gold course and the Bitcoin course and analyze them to assess whether an investment in Bitcoin or gold will be worthwhile this year.
The gold price had a downward movement (correction) in 2020 until mid-2021, in which the price was in a bull flag. The course has broken out of this bull flag in a bullish manner. However, gold price found resistance at $1,920 and subsequently fell to the $1,750 support. At this support, gold prices have found buyers a few times, pushing the price higher to $1,830. There was resistance there. For the last week, gold price broke the $1,830 resistance, which is why the price might rise slightly in the near future. The minimum target is $1,920. If this resistance breaks, it could go to $2,300 in 2022. That is where the first target of the next major up move is. If resistance is $1.
Since the Bitcoin price is in a sideways phase between $30,000 and $65,000, we would not assume that the Bitcoin price will outperform the gold price in 2022. In terms of security, gold is safer than bitcoin. However, the small increased risk with Bitcoin is offset by strong price increases. Since the Bitcoin price has already risen sharply in 2020 - 2021, we do not assume that the price will continue with this increase in 2022. As I said, we assume that the price will move sideways. So we will probably not have a positive year or only a slightly positive year. The gold price, on the other hand, has better chances of making a stronger percentage gain and is also safer at the same time due to the high market capitalization.
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