Recent motion has seen Bitcoin worth retest the $67,000 worth degree. Particularly, the Bitcoin worth declined by about 8.9% in seven days from $73,464 on October 29 to $66,895 on November 4, as many short-term merchants exited their positions. At the identical time, a number of long-term holders also offloaded their Bitcoins, more likely to lock in beneficial properties.
According to technical evaluation, the ongoing correction is completely normal and fine for Bitcoin. Particularly, technical evaluation reveals that the $100,000 worth goal for Bitcoin is properly in play. Interestingly, this outlook is predicated on drawing parallels with the worth historical past of gold.
Analyst Reveals What The Gold Chart Says About The Bitcoin Price
Bitcoin has lengthy been known as the digital gold by way of its use as a hedge in opposition to inflation. However, their respective worth actions through the years level to extra similarities than many traders notice.
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Crypto analyst Tony ‘The Bull’ Severino took to the social media platform X to share an intriguing trend he noticed on the Bitcoin worth chart to relay an optimistic perspective on the cryptocurrency’s long-term trajectory. Severino identified that Bitcoin’s worth actions look like following an identical path to historic patterns seen in gold, which went via comparable worth tops, worth bottoms, breakouts, and retests.
According to the worth charts shared by Tony Severino, he highlighted notable similarities between Bitcoin’s worth motion on the 2-week candlestick timeframe with Gold on the 2-month candlestick timeframe. Particularly, Bitcoin’s worth motion has mirrored that of Gold in a number of cases. Therefore, the analyst in comparison with the present worth breakout/retest within the Bitcoin worth to that of an identical breakout/retest in Gold in 2023.
Back in March 2023, gold went via a breakout and retest sample, which set the stage for a protracted rally over a number of months up till the time of writing. Severino believes Bitcoin may observe an identical trajectory for a multi-month rally.
What’s Next For The BTC Price?
According to Tony Severino’s evaluation, the Bitcoin worth correction is ending very quickly and is ready to go on a notable surge for the remainder of the yr. In phrases of a timeline, he famous the creation of a brand new all-time excessive by the tip of 2024 and a $100,000 worth for Bitcoin within the first quarter of 2025.
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Although the analyst’s projection is predicated off of Bitcoin’s correlation with Gold, the worth goal resonates with related worth predictions with different technical analyses. For occasion, a CryptoQuant analyst often called CoinLupin highlighted a similar price timeline primarily based on the Bitcoin MVRV (Market Value to Realized Value) ratio. Using this ratio, he predicted a worth goal vary of $95,000 to $120,000.
At the time of writing, Bitcoin is buying and selling at $68,714 and is down by 3% up to now 24 hours.
Featured picture created with Dall.E, chart from Tradingview.com
