Bitcoin may outperform gold, stocks as year-end approaches

Block Scholes research analyst Habib Rahman stated Bitcoin could outperform gold and stocks due to seasonal factors in November and December that historically favor risk assets. Bitcoin’s 90-day correlation with gold has increased to 54%, the highest since 2014, while its correlation with the Nasdaq 100 decreased to 33% from 59% in February, nearing a one-year low. Additionally, Bitcoin’s correlation with the U.S. dollar index has become the most negative since early 2023. Rahman noted that the shift in correlations began in June and accelerated after the U.S. Treasury announced in August an expansion of its Treasury buyback program to control rising long-term yields. Following this announcement, Bitcoin experienced its largest weekly gain since March 2024, while gold rose 5%. With the U.S. midterm elections approaching, November and December are historically favorable for risk assets, suggesting potential additional strength for cryptocurrencies.

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