Senior commodity strategist at Bloomberg Intelligence, Mike McGlone, stated October has historically been the best month for Bitcoin (
Kaiko Research data released on Oct. 4 supports the notion that Bitcoin may be transitioning to acting more like “digital gold,” with Bitcoin’s correlation to gold hitting its highest level in more than a year at +0.4 following a strengthening of the United States dollar as interest rates rise.
A correlation of +1.0 means that the movement between two different assets is synonymous, for example a 10% increase in gold would be matched by a 10% increase in Bitcoin should the two assets have a correlation of +1.0.
