{"id":18172,"date":"2024-11-05T22:00:46","date_gmt":"2024-11-05T22:00:46","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=18172"},"modified":"2024-11-05T22:00:46","modified_gmt":"2024-11-05T22:00:46","slug":"analyst-reveals-what-the-gold-chart-says-about-the-possibility-of-bitcoin-price-reaching-100000","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=18172","title":{"rendered":"Analyst Reveals What The Gold Chart Says About The Possibility Of Bitcoin Price Reaching $100,000"},"content":{"rendered":"

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<\/a>, likely to lock in gains.<\/p>\n

According to technical analysis, the ongoing correction<\/a> is absolutely normal and fine for Bitcoin<\/a>. 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.\u00a0<\/p>\n

Analyst Reveals What The Gold Chart Says About The Bitcoin Price<\/h2>\n

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.<\/p>\n

Crypto analyst Tony \u2018The Bull\u2019 Severino took to the social media platform X to share an intriguing trend<\/a> he observed on the Bitcoin price chart to relay an optimistic perspective on the cryptocurrency\u2019s long-term trajectory. Severino pointed out that Bitcoin\u2019s 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.<\/p>\n

According to the price charts shared by Tony Severino, he highlighted notable similarities between Bitcoin\u2019s price action on the 2-week candlestick timeframe with Gold on the 2-month candlestick timeframe. Particularly, Bitcoin\u2019s 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.<\/p>\n

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.\u00a0<\/p>\n

What\u2019s Next For The BTC Price?<\/h2>\n

According to Tony Severino\u2019s 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.\u00a0<\/p>\n

Although the analyst\u2019s projection is based off of Bitcoin\u2019s 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<\/a> 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.<\/p>\n

At the time of writing, Bitcoin is trading at $68,714 and is down by 3% in the past 24 hours.<\/p>","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":0,"featured_media":18173,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-18172","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/18172"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18172"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/18172\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/18173"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18172"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18172"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18172"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}