The Taylor Report - Bitcoin vs Gold vs Ethereum

Published Date
April 8, 2020

By Bill Taylor, Contributor/Entoro Wealth

The opinions expressed below are my own and do not necessarily represent those of Entoro.

We compare the price of Bitcoin, Ethereum, & Gold, using the CME Bitcoin Indexes (BRR & BRTI) and the CME Ethereum Indexes (ETH_RR_USD) & (ETH_RTI_USD) for reference as well as the London Bullion Market afternoon price settlement.

4/8/20 Closing Prices:

Bitcoin: $7,254.30  (-$58.87)
Ether: $168.11  (-$1.00)
Gold: $1,649  (-$15.00)

Trading Summary Notes for Wednesday, 4/8/20

SEQUESTURED AT HOME? PANDEMIC FEARS? MARKET PANDAMONIUM? WHAT NEXT?  GLAD YOU ASKED.

Having taken a few months off while preparing to launch a new investment fund AND a new newsletter/website (Digital Wealth News) I thought it might be time to look forward. Coincidentally, I also noticed that the last TAYLOR REPORT back in mid-December had BTC and ETH each basically the same price as today BUT GOLD is over $200 higher. So, let’s look ahead.

·    First off, upside target (near term) for BITCOIN looks like $8,500

·    WHY? Having been caught in the “sell everything NOW” month of Coronavirus March, BITCOIN has rebounded nicely. The $3,500-$4,000 area has proven to be a rock solid bottom.

·    With the virus sparking a conversation among global central banks to move toward digital fiat currencies, BTC will gain more acceptance and respect.

·    Remember……nobody will ever get a virus from touching a digital currency…..or BITCOIN  (lol)

·    ETH followed “big sister” BTC down with the market melt down and, of course, is following BTC back up

·    ETH should see $200 again as BITCOIN rallies. Let’s look at $205-$210

·    GOLD shook a whole lot of some long holders out. Let’s say $1,450-$1,460 is solid to place to be a buyer for next move up  (this call was made in mid-December….thank you very much)

·    GOLD upside target is $2,500……yup, $2,500

·    Remember (part 2)…………nobody gets a virus from gold and certainly not digital gold

·    Ignore the rhetoric. Forward looking, after throwing money to ensure a recovery, inflation may be on the rise and geopolitical/pandemic risks are only getting stronger. Positive for GOLD

·    GOLD? Stay long. Super powerful move under way. $2,500 next target. Buy the dips.  

·    ANOTHER VERY STUPID COMMENT? I SAW SOMEONE SAID GOLD (along with BTC) COULD GO TO ZERO. HASN’T DONE THAT IN THOUSANDS OF YEARS SO GUESS THE SHORTS ARE GOING TO HAVE A LUCKY DAY? (sic)

Current trading positions:  LONG BITCOIN, ETH & GOLD

Bill Taylor is Managing Director/CIO at EntoroWealth & a frequent contributor to FA-Mag.com

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