Bitcoin consolidates below the $90,000 level while the BTC/Gold (XAU) ratio shows bullish breakout signs, posting its best quarterly performance since Q4 2024’s post-election rally with a 37% gain. This liquidity rotation from gold into Bitcoin could serve as the catalyst to push the price toward $90,000, amid a volatile macroeconomic backdrop characterized by weak U.S. economic data (September jobs report below expectations, 60,000 downward revision over two months). Bitcoin exhibits approximately 30% correlation with the S&P 500, making it an attractive diversification tool. Jurrien Timmer, Director of Global Macro at Fidelity, maintains a $100,000 price target and views Bitcoin as an attractive macro hedge since breaking above $80,000.
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