Bitcoin could outperform gold and equities as year-end seasonality generally supports risk assets, according to Block Scholes analyst Habib Rahman. Bitcoin’s 90-day correlation with gold reached 54%, its highest level since the data began in 2014, while its correlation with US equities weakened. Gold fell 7% over the past month and briefly slipped below $4,000 an ounce, while Bitcoin remained near $80,000 despite the Federal Reserve’s rate hike last month. Bitcoin’s correlation with the Nasdaq-100 dropped from 59% in February to 33%, while its correlation with the US dollar strength index reached its most negative level since early 2023.
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