Bitcoin Primed for Historic Rally? Top Analyst Sees Parallels to Gold’s Epic Breakout
Bitcoin might be gearing up for its biggest move yet—if history repeats itself.
One crypto strategist spots eerie similarities between BTC’s current setup and gold’s decade-defining surge after smashing through resistance. Here’s why traders are paying attention.
The Gold Standard (Literally)
When gold finally cracked its multi-year ceiling in 2020, the metal ripped 40% in months. Now Bitcoin’s dancing at the edge of its own make-or-break zone—and the charts suggest we could see fireworks.
Technical Déjà Vu
The same textbook breakout pattern that propelled gold appears to be forming in BTC’s weekly charts. Volume’s building, volatility’s compressing… all while Wall Street still debates whether crypto is ‘real.’ (Spoiler: your pension fund already bought the dip.)
Either we’re witnessing the setup for a generational wealth transfer—or the mother of all bull traps. Place your bets.
BTC Pearson CorrelationBTC Pearson Correlation
Is Bitcoin Next?
Galaxy emphasized that Bitcoin has been increasing in value for 15 years now and has not shown any signs of slowing down anytime soon. Furthermore, he highlighted that Bitcoin has formed a similar price pattern with gold but in a weekly timeframe.
For context, the crypto firstborn is currently trending within a multi-year symmetrical triangle, emerging from its April 2021 high of $65,000. It retested the upper resistance wih a high of $69,000 in November 2021 but faced a strong rejection there.
Meanwhile, Bitcoin has retested the resistance twice this year, making new all-time highs on each attempt. BTC rallied to $109,354 on January 20 and its current all-time high of $111,965 on May 19, both of which proved abortive in its quest to break out.
