Bitfinex Signals Start of Bitcoin Bull Phase as Gold Ties Peaks

Bitfinex analysts highlighted a shift in market dynamics, noting that Bitcoin is increasingly being viewed alongside gold as a hedge against deteriorating fiscal and monetary fundamentals.

Correlation with Gold Signals Bull Phase

The exchange reports that Bitcoin’s price movement has aligned closely with gold, a pattern the analysts say typically precedes a bullish expansion. They cite a Delta‑Thermo Market Multiple reading of 2.03, which sits near the 2.5× threshold that historically marks the beginning of a bull phase.

Debasement Trade Narrative Resurfaces

Rising concerns over US debt and broader fiscal deficits have revived the “debasement trade” narrative, prompting investors to seek assets perceived as stores of value. Bitfinex notes that Bitcoin is being treated as a higher‑beta version of digital gold within this context.

Macro Outlook and Policy Signals

Federal Reserve Chair Kevin Warsh delivered a hawkish stance at the Jackson Hole forum, emphasizing the 2% inflation target and hinting at future rate hikes. This stance challenges the debasement trade narrative and could influence Bitcoin’s risk‑off behavior.

Technical Indicator Highlights

• Delta‑Thermo Market Multiple: 2.03
• Bull phase threshold: 2.5×
• Distribution top reference: 3.5×

Bitfinex interprets these metrics as indicating the start of a price expansion rather than a market top.