Analyst Reveals What The Gold Chart Says About The Possibility Of Bitcoin Price Reaching $100,000 📈
Recent trends have shown Bitcoin retesting the $67,000 level, with an 8.9% decline in a week. Short-term traders exited, while some long-term holders sold to secure gains. This price movement aligns with a normal correction, suggesting a $100,000 target for Bitcoin is attainable.
An intriguing analysis by Tony 'The Bull' Severino compares Bitcoin's price patterns with gold's historical movements. Severino detects noticeable similarities between Bitcoin's current chart on a 2-week candlestick and gold's chart on a 2-month candlestick, indicating potential for a prolonged upward movement.
A March 2023 breakout and retest pattern in gold sparked a multi-month rally. Severino expects Bitcoin to follow this trajectory, forecasting a new all-time high by the end of 2024 and $100,000 in early 2025. This aligns with other technical analyses, including projections using Bitcoin's MVRV ratio.
At present, Bitcoin trades at $68,714, slightly down by 3%. This analysis presents an optimistic outlook for Bitcoin's price movement, drawing parallels to gold's historical behavior.
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