Gold shines brighter than ever, climbs to a record high of $ 3,725 and this year is making a 40%profit. While traditional investors are celebrating the Golden Rally, Crypto watchers also pay attention.
According to Top Analyst TedBitcoin can be the next row to mirror the powerful rally of Gold, with a target of $ 150,000 towards the end of the fourth quarter.
Gold’s Ath Rally sets the stage
The gold prices have risen 1% today, as a result of which new records were determined as the momentum of an earlier breakout continues to push higher. An important engine behind this meeting is the growing hunger from China to Gold.
Non-monetary import rose by 64% to 104 tons in July, well above the five-year average. This strong demand from households, jewelers and investors has kept the world’s largest precious metal market firmly in purchase mode.
At the same time, the expectations of another federal reserve rate in October keep sentiment bullish for gold.
For Ted this cannot be stopped momentum more than just a story about gold. He believes it can be an example of what Bitcoin will experience.
Bitcoin set to mirror the path of Gold
Looking at historical graphs, Ted emphasized how Bitcoin’s current structure is strongly resembling the behavior of Gold before the breakout rally. In both cases, prices built pressure under long -term resistance levels before they exploded higher.
Bitcoin now seems to follow the same pattern.
However, the analyst expects a final shakeout before the real move starts. He warned of a potential correction of 10% -15% in Bitcoin, which can help to wash away greedy long durments and survive traders.
As soon as that happens, he believes that the stage will be set for a large meeting, which sent Bitcoin to $ 150,000 towards $ 150,000.
Bitcoin -Price views
From now on, Bitcoin acts almost $ 112,627, a decrease of 3% in the last 24 hours, with its market capitalization at $ 2.24 trillion.
Despite the DIP, the analysis of TED suggests that the best days of Bitcoin can still be ahead, which reflects the path of Gold from consolidation to record highs.