Overview of BTC/GOLD trends in the past 8 years:

1. The current bull market has not reached new highs.

2. The last bear market hit the 2019 high.

3. The main resistance faced in 2023 is the peak of the bull market in 2017.

4. The 2024 high is expected to be close to the 2021 bull market peak.

In short, BTC may have weakened its properties as a "safe haven asset" (like gold) in this cycle. This change may be attributed to the influence of spot ETFs and the gradual transformation of BTC into U.S. stocks, and the asset positioning has changed from a unique Shifting to common risk assets tends to the characteristics of U.S. stocks.

Although ETFs have brought many benefits to BTC, these benefits have not widely benefited the entire cryptocurrency market. In the long run, BTC may be the only focus of the currency circle. However, if BTC continues to become U.S. stocks, investors will be more inclined to invest directly in U.S. stocks, because the current market shows that the risk of U.S. stocks is significantly lower than that of cryptocurrencies.

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