Analyst Reveals What The Gold Chart Says About The Possibility Of Bitcoin Price Reaching $100,000
2024年11月6日 - 7:00AM
NEWSBTC
Recent action has seen Bitcoin price retest the $67,000 price
level. Particularly, the Bitcoin price declined by about 8.9% in
seven days from $73,464 on October 29 to $66,895 on November 4, as
many short-term traders exited their positions. At the same time, a
few long-term holders also offloaded their Bitcoins, likely to lock
in gains. According to technical analysis, the ongoing correction
is absolutely normal and fine for Bitcoin. Particularly, technical
analysis shows that the $100,000 price target for Bitcoin is well
in play. Interestingly, this outlook is based on drawing parallels
with the price history of gold. Analyst Reveals What The Gold
Chart Says About The Bitcoin Price Bitcoin has long been referred
to as the digital gold in terms of its use as a hedge against
inflation. However, their respective price actions over the years
point to more similarities than many investors realize. Related
Reading: Shiba Inu’s Shibarium Sees Daily Transactions Surge To
4.68 Million, Will This Push SHIB’s Price Toward $0.00008? Crypto
analyst Tony ‘The Bull’ Severino took to the social media platform
X to share an intriguing trend he observed on the Bitcoin price
chart to relay an optimistic perspective on the cryptocurrency’s
long-term trajectory. Severino pointed out that Bitcoin’s price
movements appear to be following a similar path to historical
patterns seen in gold, which went through comparable price tops,
price bottoms, breakouts, and retests. According to the price
charts shared by Tony Severino, he highlighted notable similarities
between Bitcoin’s price action on the 2-week candlestick timeframe
with Gold on the 2-month candlestick timeframe. Particularly,
Bitcoin’s price action has mirrored that of Gold in multiple
instances. Therefore, the analyst compared to the current price
breakout/retest in the Bitcoin price to that of a similar
breakout/retest in Gold in 2023. Back in March 2023, gold went
through a breakout and retest pattern, which set the stage for a
prolonged rally over several months up until the time of writing.
Severino believes Bitcoin could follow a similar trajectory for a
multi-month rally. What’s Next For The BTC Price? According
to Tony Severino’s analysis, the Bitcoin price correction is ending
very soon and is set to go on a notable surge for the rest of the
year. In terms of a timeline, he noted the creation of a new
all-time high by the end of 2024 and a $100,000 price for Bitcoin
in the first quarter of 2025. Related Reading: Dogecoin
Whales Record Largest Accumulation Week Since January With 2.10
Billion Tokens Bought Although the analyst’s projection is based
off of Bitcoin’s correlation with Gold, the price target resonates
with similar price predictions with other technical analyses. For
instance, a CryptoQuant analyst known as CoinLupin highlighted a
similar price timeline based on the Bitcoin MVRV (Market Value to
Realized Value) ratio. Using this ratio, he predicted a price
target range of $95,000 to $120,000. At the time of writing,
Bitcoin is trading at $68,714 and is down by 3% in the past 24
hours. Featured image created with Dall.E, chart from
Tradingview.com
Dogecoin (COIN:DOGEUSD)
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