Matrixport: If inflation data shows it is closer to 2.0%, both gold and Bitcoin will be bullish
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Odaily reports that Matrixport released a chart today, stating that if the market truly believes the Fed will maintain the current interest rate and liquidity remains tight, then gold will not rise. However, even though inflation is still under control, the market's demand for safe-haven assets remains strong. While Bitcoin has been in a consolidation phase recently, this trend may still provide support for it. We remain bullish on gold and Bitcoin, and issued a bullish report on gold when it first broke through $2,000 per ounce. Since then, gold prices have soared over 50%, even as US inflation has risen, with the overall inflation rate rebounding to 2.9%. However, we believe inflation may have entered a downward channel, with Truflation data showing levels closer to 2.0% than 3.0%. If this trend continues, both gold and Bitcoin will see an uptrend.
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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