- Analysts predict Bitcoin will mirror gold’s rally.
- In the meantime, the possibility of a dip also remains.
Bitcoins [BTC] ‘To the moon’ dreams seem to be coming true. The king’s coin has hit a new all-time high of over $75,000, shattering the previous peak of $73,777 from March.
This milestone comes amid the intense build-up surrounding the US presidential election, which has fueled renewed interest in the cryptosphere.
At the time of writing, BTC exchanged hands at $74,318.73. According to CoinMarketCap factsThis marked an increase of 8.82% in the past 24 hours and a notable year-on-year increase of 112.88%.
Will Bitcoin Follow Gold?
While BTC’s all-time high has fueled market optimism, the question remains: will the bull run continue?
Tony Severino, crypto analyst and founder of CoinChartist, recently shared his insights regarding BTC’s prospects on X. He suggested that Bitcoin’s trajectory could mirror gold.
The correlation between Bitcoin and gold, according to Severino’s analysis, stemmed from their cyclical price actions. Both assets exhibit recurring ‘top’, ‘bottom’ and ‘breakout’ patterns, with Bitcoin appearing to follow gold’s lead for several years.
Source: Tony Severino/X
So if Bitcoin does indeed follow gold’s historical pattern, the recent breakout could mark the start of a bullish phase similar to gold’s March 2023 rally.
He noted that while Bitcoin needs more retesting, it is still on an upward path. Severino stated:
“New ATHs at EOY, $100K+ by end of Q125.”
Moreover, the analyst predicted a possible retest at the $64,500 level before Bitcoin would rise further.
BTC to $188k?
Amid these bullish projections, Matthew Sigel, Head of Digital Assets Research at VanEck, said: also predicted a potential rise in Bitcoin’s price after the election. Drawing comparisons at the post-2020 election meeting on X, Sigel noted:
“If this cycle delivers half the return of 2020, that is 175% or $188,000.”
AMBCrypto recently reported that post-election periods have often marked the beginning of significant bull runs for Bitcoin. So the prediction may not be so far-fetched.
Bitcoin vs gold
While Bitcoin’s latest milestone was celebrated by many, not everyone shared the enthusiasm. Peter Schiff, founder of Schiff Gold and an outspoken critic of Bitcoin, noted on
He attributed Bitcoin’s rise partly to speculative bets that Trump, seen by some as a pro-Bitcoin candidate, could return to the White House. However, Schiff remained skeptical, stating that:
“That’s one of the many promises Trump will break.”
As the crypto community anticipates next steps, BTC’s rally continues to fuel the debate, with some seeing it as a sign of even more gains, while others remain cautious.
The coming months will reveal whether this surge is the start of an ongoing bull market – or simply another peak in Bitcoin’s journey.