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Bitcoin BTC/USD is increasingly tracking gold rather than tech stocks, according to prevailing sentiment among cryptocurrency observers.
What Happened: Pseudonymous cryptocurrency commentator ‘ElonMoney’ outlined a growing bullish thesis for Bitcoin in a post on Substack on April 23.
He argues it’s no longer just a speculative bet but a structural hedge in a world increasingly defined by inflation, geopolitical risk and institutional distrust.
Bitcoin isn’t replacing gold, it’s complementing it. The commentator’s six core arguments for Bitcoin’s rising relevance are:
ElonMoney believes Bitcoin is becoming a credible alternative to fiat — a decentralized asset for a deeply centralized world.
Also Read: Bitcoin’s Dual Role Could Propel It To $200,000: Standard Chartered
What’s Next: In another Substack post, ElonMoney noted short-term weakness in Bitcoin’s technicals: it’s currently trading below the Value Area High (VAH) and the 21/50 EMAs, signaling waning bullish momentum.
However, as long as BTC holds above the 200 EMA, bulls remain in control.
The key levels to watch are $93,015 which needs to be reclaimed to reignite bullish momentum. The support zones are $90,458, first downside target if VAH is not reclaimed, and $89,200 – the likely bounce area if further downside continues.
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Bitcoin's Bull Case Strengthens As It Trades 'More Like Gold, Less Like Nasdaq,' Commentator Says – Benzinga
