The copper-to-gold ratio is plummeting, indicating negative signals for risk assets like cryptocurrencies, despite bullish sentiment surrounding Bitcoin. Historically, Bitcoin's performance has correlated with copper's outperformance against gold, with strong BTC years coinciding with rising ratios. However, this year's 15% drop in the ratio represents a significant downturn since 2018, heightening concerns about global economic health. The ratio fell further after China announced stimulus measures to bolster its economy, which had little impact on reversing the trend. Currently, BTC is up 60% year-to-date, trading near $67,800, but its inability to surpass $70,000 raises questions. The recent declining ratio, noted since May, foreshadowed market aversion leading to significant BTC price drops earlier in the year. If historical trends hold, the falling copper-to-gold ratio could dampen BTC's bullish expectations for a rally to $100,000 by the end of the year.

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