The high correlation between Bitcoin and Gold’s trend in the past few weeks could mean a major price fall for BTC as prominent investor Clem Chambers warns imminent crash across all stock markets including Gold.
The CEO of the London-based stock exchange platform ADVFN, Clem Chambers, proclaimed that there are high chances the stock market witnessed a major crash before November. Chambers said this during a talk at Kitco News.
Chambers, who has withdrawn all his holding into cash, said markets would probably see significant price correction before the next US presidential election which would come up November. Hence, the correlation between Bitcoin and Gold could also see Bitcoin tank towards the bottom around the same time.
ADVFN is Europe’s number-one stocks and shares website, and it was founded in 1999 by Clem Chambers.
Chambers called the expected price fall a “flash crash” scenario, stating that most assets that spiked during the 2020 bull run would likely fall in a cycle. He said the crash that would be seen in the gold market would also make other assets witness the same bearish fall.
Furthering, the investor/journalist said he got the signal from the market a few days back.
However, he said even though he’s not 100% certain that the fall would happen, he had to clear his deck due to the likelihood of the occurrence. He said; in all likelihood, the market would witness a major crash.
Chambers added that it is normal for him to get a market malfunction signal before a crash, and his portfolio also misbehaves.
Bitcoin Intraday Price Analysis
After an incredible upsurge yesterday to reach the $10,900 level, Bitcoin (BTC) cryptocurrency has seen slight retracement in terms of price.
At press time, a unit of the leading cryptocurrency is priced around $10,700 against the US Dollar, having shed out -0.14% from its value in the last 24 hours. Bitcoin resistance remains at $10,950 at present, with strong support around the $10,200 levels.
While altcoins also followed the same trend, the market cap of the entire crypto ecosystem has shed out about $5 billion within the last 1 day after a plunge from $345 billion to $340 billion.