Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Analyst Reveals What The Gold Chart Says About The Possibility Of Bitcoin Price Reaching $100,000

Source 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.

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.

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.

Bitcoin price chart from Tradingview.com

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

US to delay new "overcapacity" tariffs on China — what the pause means for trade, inflation and the dollar Washington is expected to hold off announcing new tariffs over Chinese "overcapacity" until after the 24 September summit, according to Bloomberg. The postponed plan would have added 7.5% to Chinese goods, taking second-term US tariffs to around 20%. Here is what is on the table, and what a deal versus no deal would mean for the yuan, Hong Kong equities and the dollar.

Author Mitrade

Sep 18, Fri

Washington is expected to hold off announcing new tariffs over Chinese "overcapacity" until after the 24 September summit, according to Bloomberg. The postponed plan would have added 7.5% to Chinese goods, taking second-term US tariffs to around 20%. Here is what is on the table, and what a deal versus no deal would mean for the yuan, Hong Kong equities and the dollar.

Gold ends three-week slide at the $4,400 line — eight straight days of ETF inflows vs a 5% 10-year and a 100 dollar Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

Author Suzie

Sep 20, Sun

Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changed Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Author Irene Q.

18 hours ago

Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Memory chips surge, Nasdaq notches a second straight record close — why the Dow fell 185 points anyway Micron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.

Author Irene Q.

18 hours ago

Micron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.

Gold Price Forecast: XAU/USD drifts toward $4.300 with bears gaining traction Gold (XAU/USD) retraces Tuesday’s gains on Wednesday and drifts lower, approaching the $4,300 area as the US Dollar Index (DXY) rallies further amid high US Treasury yields.

Author FXStreet

14 hours ago

Gold (XAU/USD) retraces Tuesday’s gains on Wednesday and drifts lower, approaching the $4,300 area as the US Dollar Index (DXY) rallies further amid high US Treasury yields.

Popular Symbols