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Recent action has seen the price of Bitcoin repeat the $67,000 price level. In particular, the price of Bitcoin fell by about 8.9% in seven days from $73,464 on October 29 to $66,895 on November 4, as many short-term traders exited their positions. At the same time, few long-term owners they also withdraw their Bitcoinswho may have entered the benefits.
According to technical analysis, ongoing maintenance completely normal and good for Bitcoin. In particular, technical analysis shows that the $100,000 price of Bitcoin is playing well. Interestingly, this theory is based on the same chart as the gold price history.
Analyst Reveals What the Gold Chart Means for Bitcoin Price
Bitcoin has long been called digital gold for its use as a hedge against inflation. However, their respective price actions over the years point to more similarities than most investors realize.
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Crypto analyst Tony ‘The Bull’ Severino took to social media platform X to sharing an interesting practice commented on the Bitcoin price chart to convey an optimistic view of the cryptocurrency’s long-term trajectory. Severino pointed out that Bitcoin’s price movements seem to follow the same pattern of historical patterns seen in gold, which have gone through comparable price peaks, price declines, breaks, and revaluations.
According to the price charts shared by Tony Severino, he highlighted a remarkable similarity between the price action of Bitcoin in the two-week candlestick timeframe and Gold in the 2-month candlestick timeframe. In particular, the price action of Bitcoin is similar to that of Gold in many cases. Therefore, the analyst compared the current price exit/retest in the Bitcoin price with that of the same exit/retest in gold in 2023.
Back in March 2023, gold went through an exit pattern and a retest, which set the stage for a long rally over the next few months until the time of writing. Severino believes that Bitcoin could follow the same trajectory of the multi-month rally.
What’s Next For BTC Price?
According to Tony Severino’s analysis, the Bitcoin price correction will end soon and is set to continue significantly throughout the year. Regarding the timeline, he noted the creation of an all-time high at the end of 2024 and a $100,000 Bitcoin price in the first quarter of 2025.
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Although analyst predictions are based on Bitcoin’s correlation with Gold, the target price is in line with the same price prediction and other technical analysis. For example, the CryptoQuant analyst known as CoinLupin highlighted the same price timeline based on the Bitcoin MVRV (Market Value to Realized Value) ratio. Using this estimate, he predicted a target price range of $95,000 to $120,000.
At the time of writing, Bitcoin is trading at $68,714 and is down 3% in the last 24 hours.
The featured image was created with Dall.E, a chart from Tradingview.com
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