Analyst Sees Gold at $4K in 2020; What Does It Mean for Bitcoin?

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An optimistic forecast for gold is making Bitcoin equally bullish, thanks to its erratically positive correlation with the crypto. Gold Boom Ahead Frank Holmes, CEO of US Global Investors, told Kitco News that the gold market is forming a bottom. Simultaneously, the analyst maintained his upside target for the precious metal at $4,000 in 2020 despite the fears of uncertainty around November’s US election and the second coronavirus stimulus package. “The bottom that you’re seeing in gold is like a perfect Miami beach bottom,” Mr. Holmes said. “Gold will go up and it will go down, the DNA of volatility you can measure over 20 trading days, 60 trading days, 12 months, it was up when we talked about time for a correction in at the beginning of August three standard deviations over 20 trading days. It’s now down one standard deviation.” The statement came as gold continues its attempts…

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