Crypto analyst Colin has raised the possibility the Bitcoin price reflects the parabolic movement of gold. The analyst further revealed how this could play out for BTC if it eventually happens.
What will happen if the Bitcoin price reflects gold?
In one X messageColin indicated that the Bitcoin price will register another uptrend next week if it were to follow the movement of gold. He opined that given that, it is unlikely that the flagship crypto will not see another significant move upward gold and shares saw rapid increases to new all-time highs (ATHs) in recent months.
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Coilin further noted that money will still flow towards crypto with a lag, as he highlighted in the gold versus BTC chart. He added that the gold top would predict a top for the Bitcoin price in January 2026 if it were pushed forward by 80 days. His accompanying chart showed that BTC could still rise to $175,000 if its bull market will continue until January next year.
Colin admitted that this could be wrong for the Bitcoin price, but noted that many other metrics pointed to more upside price action for BTC. Meanwhile, he also highlighted the fact that sentiment was turning bearish the crypto market. The market is currently in a downtrend, with BTC falling below $100,000 several times this week.
This has raised concerns that the Bitcoin price may already be at a price point bear market. However, Colin has indicated that BTC could still rise to new all-time highs before this cycle ends. His prediction is consistent with that of, among others Standard charteredwho has predicted that BTC could rise between $150,000 and $20,000 by the end of the year.
Why the BTC top may not be there
In another X messageColin also explained why the top may not participate in the Bitcoin price in this bull run. He noted that the intersection of the 1150-day SMA with the peak of the previous bull run is the top of the next peak. This happened during both the 2017 and 2021 bull runs top for BTC at the time.
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Now the analyst said this moving average isn’t quite in line with the $65,000 top the previous cycleThis indicates that BTC still has more room to rise higher in this market cycle. Colin added that this 1150-day SMA, if projected, will indicate a top for the Bitcoin price around late December this year or January next year. He reiterated that all figures collectively point to a top around the end of December or January next year.
At the time of writing, the Bitcoin price is trading around $102,400, up in the past 24 hours, according to facts from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com