Over the next few weeks, gold is set to outperform Bitcoin, said Florian Grummes, managing director of Midas Touch Consulting.
Grummes told David Lin, anchor for Kitco News, that gold has broken a critical resistance level of $1,900 an ounce and is set to rise further to $1,950.
Bitcoin, on the other hand, will still experience some volatility over the next few weeks, although sentiment currently reflects an oversold position.
Towards the end of the year, however, Bitcoin is expected to outperform gold once again, with both assets breaking new all-time highs, Grummes said.
“I think later that year you will see Bitcoin catching up again. I don’t think that this bull run is over. I think we are in some form of a consolidation of Bitcoin right now, it could take a couple of weeks or even two, three months, but I think later in third and especially fourth quarter Bitcoin will see a stellar rise again,” he said. “And I still believe we are going to see new all-time highs again.”
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