Bitcoin Poised to Follow Gold’s Rally: Analyst Predicts Mid-Term Target of $155,000
As gold surges to new all-time highs, Bitcoin shows potential to mirror its momentum, with analysts setting a mid-term target of $155,000. Here’s a detailed analysis of the market trends and predictions.
Bitcoin May Mirror Gold’s Momentum, Analyst Sets Mid-Term Target At $155,000
As gold continues to set new all-time highs trading at $3,333 per ounce, Bitcoin (BTC) has seen more subdued price action, consolidating in the mid-$80,000 range. However, analysts suggest that BTC may soon mirror gold’s recent momentum. A recent post on Cryptollica hinted that BTC may replicate gold’s historic price movement seen over the past few months, highlighting striking similarities between the price actions of gold and BTC. Both assets formed a macro-bottom around early 2023, followed by a rejection at the range top in early 2024. Gold eventually broke out in the following months, and analysts predict a similar outcome for BTC with a mid-term target of $155,000.
Bitcoin Realized Cap Sets New Record, But Momentum Fades
On-chain data from Glassnode shows the Bitcoin Realized Cap has surged to a new all-time high (ATH) recently. The ’Realized Cap’ refers to a capitalization model for Bitcoin that calculates the asset’s total value by assuming the ’real’ value of any token in circulation is equal to the spot price at which it was last transacted on the network. However, monthly inflows have slowed down considerably, indicating that the Realized Cap is now growing at a notably slower rate.
Bitcoin Price Eyes Fresh Upside
Bitcoin price is slowly moving higher above the $83,500 zone. It found support at $83,200 and started a recovery wave. The price is currently trading above $84,500 and the 100 hourly Simple Moving Average (SMA). There was a break above a connecting bearish trend line with resistance at $84,650. For Bitcoin to continue its upward trajectory, it must clear the $85,200 resistance zone. Recently, BTC declined below $86,200 and $85,500 levels but found support at $83,171 before starting another recovery wave.
Bitcoin Long-Term Holders Accumulate Significantly Amid Bearish Market
Bitcoin is currently trading below key moving averages, indicating selling pressure and uncertainty due to escalating tensions between the US and China, which may lead to a prolonged trade war. These macroeconomic factors have increased volatility in global financial markets, affecting risk assets like Bitcoin. However, CryptoQuant data reveals that long-term holders (LTHs) have increased their Bitcoin holdings by 297,000 BTC in nine days, suggesting that confident investors are taking advantage of the recent dip, betting on a longer-term recovery.
US vs. Korea: Surprising Split in Bitcoin (BTC) Trader Behavior
There is a notable divergence in Bitcoin investor behavior between the US and Korean markets. Amid heightened global uncertainty fueled by escalating US-China trade tensions, Bitcoin has experienced a sharp correction, though recent signs point to stabilization. The Coinbase Premium, reflecting the price difference of Bitcoin on Coinbase versus global exchanges, is showing signs of recovery. After tightening through a series of lower highs and higher lows since March 2024, the premium has recently begun to trend upward, suggesting a renewed buying interest from US-based institutional and retail investors. This activity coincides with Bitcoin’s modest rebound and signals that Coinbase traders may be positioning ahead of broader market shifts. Korean market trends are not mentioned in this excerpt.
Bitcoin Recovery in Motion? Analyst Tracks Key Divergence Between US and Asia Market
Bitcoin appears to be entering a period of consolidation following a brief burst of upward momentum earlier this week. After reaching nearly $86,000, BTC has retraced slightly and is trading around $84,650. Despite the pullback, analysts continue to monitor on-chain data to assess whether renewed buying pressure could support a more sustained recovery. One analyst, CryptoQuant contributor Avocado Onchain, noted that escalating trade tensions between the US and China have added volatility to global markets, including Bitcoin.
