Given the feeling of crisis, investors turn to safe haven assets.
Bitcoin (BTC) has the potential to increase its relevance in this context.
The price of gold, which reached above $4,300 per ounce, reached a technical barrier not seen in decades.
This scenario—which enables a potential correction for the precious metal—could open a window of opportunity for bitcoin (BTC) to capture part of the capital seeking refuge from global economic uncertainty.
The thing is that gold has touched a trend line that has functioned as resistance for the last 40 years, starting in 1985.
As seen in long-term charts, every time the price has approached this area, it has experienced significant setbacks.
The recent rapid rise increases the likelihood that history will repeat itself, leading to a profit taking by investors.
Historically, when faced with a sense of crisis, investors turn to safe haven assets such as gold to preserve their capital.
This is seen even in tokenized versions of gold. Tomas Field, PR Manager of Argentine exchange Lemoncommented to CriptoNoticias that in the second week of October They had a historical record of operated volume of Pax Gold (PAXG) on that platform. «78% of the volume [de comercio] corresponded to the purchase,” Field explained.
The curtain would be opening for bitcoin
However, if the gold metal faces a price ceiling and becomes overbought, that capital could seek new destinations.
In this context, bitcoin has the potential to increase its relevance. Although BTC has not replicated gold’s behavior to the same magnitude during this last cycle, a correction in the metal could favor it.
A decline in the price of gold could prompt investors to diversify their portfolios toward assets with similar store-of-value narratives.
If this happens, bitcoin would experience renewed interest and would solidify its position as a digital alternative to gold, especially in a macroeconomic environment that continues to present challenges.