Bitcoin (BTC) has strengthened against Gold (XAU) since October 2016 by roughly 95%.
Despite the huge gains attained by Bitcoin, Mark Mobius, a famous emerging market investor, believes that blockchain and Bitcoin are risky. He believes that a gold-backed Bitcoin will make the number one cryptocurrency valuable.
Dallas Mavericks billionaire, Mark Cuban, however, said he hates gold as an investment, viewing Bitcoin to be like gold, both with value-based on supply and demand.
Let’s move on to analyze and identify the significant chart patterns driving the price of the XAUBTC. Hopefully, we can get some insights into Peter Schiff’s statement to Tom Lee when he said Bitcoin would never attain the $50K mark.
Long-Term Price Overview
Following a top-down analysis, the monthly time frame revealed a double bearish accumulation pattern on July 01, 2017, for a price decline of about 75%.