Bitcoin hits record low versus gold, analysts see rare buying signal

[chainsniff]

Bitcoin has fallen to a record low against gold, a level analysts say has historically marked major long-term buying opportunities. According to data from Bitwise Europe, Bitcoin’s value relative to gold — adjusted for global money supply — dropped into an extreme zone previously seen near major market bottoms.

The last time the BTC-to-gold indicator reached similar levels was in 2015, shortly before Bitcoin entered a historic bull run that delivered gains of more than 11,000% over the following two years. Analyst Michaël van de Poppe said the current setup represents “a better opportunity to be buying Bitcoin than 2017,” echoing views that BTC may be deeply undervalued versus gold.