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

The recent actions led to Bitcoin price retesting the $67,000 price level. In particular, the price of Bitcoin fell 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. Meanwhile, few long-term holders They also emptied their bitcoinsIt is likely to maintain the gains.

According to technical analysis. Continuous correction Absolutely Normal and good for Bitcoin. In particular, technical analysis shows that a $100,000 price target for Bitcoin is good. Interestingly, these forecasts are based on drawing parallels with the history of gold prices.

The analyst reveals what the gold chart says about the price of Bitcoin

Bitcoin has long been referred to as digital gold in terms of its use as a hedge against inflation. However, their respective price movements over the years suggest more similarities than many investors realize.

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Cryptocurrency analyst Tony “The Bull” Severino has taken to social media platform X Share an interesting trend He was noted on the Bitcoin price chart to convey an optimistic view about the cryptocurrency’s long-term path. Severino noted that Bitcoin’s price movements appear to follow a similar path to historical patterns seen in gold, which has gone through similar price peaks, price troughs, breakouts, and retests.

According to price charts shared by Tony Severino, he highlighted the notable similarities between Bitcoin’s price action on the two-week candle time frame with gold on the two-month candle time frame. In particular, Bitcoin price movement has mirrored gold price movement in multiple instances. Therefore, the analyst compared the current breakout/retest of Bitcoin price to a similar breakout/retest in gold in 2023.

Back in March 2023, gold went through a breakout and retest pattern, setting the stage for a long rally over several months at the time of writing. Severino believes that Bitcoin could follow a similar upward trajectory for several months.

What’s next for BTC price?

According to Tony Severino’s analysis, the Bitcoin price correction will end very soon and is set to continue to rise significantly for the rest of the year. Regarding the timeline, he pointed to the establishment of a new all-time high by the end of 2024 and a price of $100,000 for Bitcoin in the first quarter of 2025.

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Although analysts’ forecasts are based on Bitcoin’s correlation with gold, the target price is consistent with similar price forecasts with other technical analyses. For example, the CryptoQuant analyst known as CoinLupin Highlight a similar price timeline Based on Bitcoin MVRV (Market Value to Realized Value) ratio. Using this ratio, expect a target price range of $95,000 to $120,000.

At the time of writing, Bitcoin is trading at $68,714 and is down 3% in the last 24 hours.

Featured image created with Dall.E, chart from Tradingview.com