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The Same This Time or Different? Bitcoin may be ready to follow gold to record highs

Bitcoin By
Truth Social Bitcoin And Ether ETF Filing Acknowledged By SEC
Truth Social Bitcoin And Ether ETF Filing Acknowledged By SEC

The following are key points.

  • Bitcoin must break $115,000 in order to continue its upward trend.

  • CME Futures Gap Concerns still predict a first retreat of $110,000.

  • Bitcoin may soon follow the gold market.

BitcoinBTC() gained on Tuesday after new gold highs focused the attention of BTC’s copycat.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

BTC prices bound to $115,000 “breakout” Level

The Data of Cointelegraph Markets Pro You can also find out more about the following: TradingView BTC/USD circled $113,000 following the Wall Street opening.

Overnight, the pair reached $114,842, its highest level since September 22. This has encouraged traders to make BTC forecasts.

“$BTC is forming a hidden bullish divergence now,” Cas Abbe is a well-known trader who told one of his fans in a video. latest posts On X, refer to the relative-strength indicator.RSIOn a daily basis. 

“Also, it’s approaching a crucial resistance level around $115K level and a reclaim will confirm the breakout. Keep an eye on it.”

BTC/USDT One-Day Chart with RSI Data. Source: Cas Abbe/X

Crypto trAder, analyst and entrepreneur Michaël van de Poppe likewise saw upward continuation after what he called a “slight pullback.”

“As you can see, Bitcoin broke through a crucial resistance zone and has a ton of upwards potential,” He reported along with a graph on the day.

BTC/USDT chart for four hours with RSI. Source: Michaël van de Poppe/X

There are still some reservations available for the weekend “gap” CME Group’s Bitcoin Futures Market had created an opportunity for investors. downward price target You can get a $110,000 discount.

Bitcoin reaches new highs for traders as gold continues to gain

Bitcoin and gold were the most talked about topics as XAU/USD surpassed its previous record of $3.871 for an ounce.

Related: Watch these three Bitcoin price levels ahead of monthly close: Analyst

XAU/USD one-day chart. Source: Cointelegraph/TradingView

The following are some of the ways to get in touch with us. Cointelegraph reportedThe BTC’s price movement failed to match the bullish gold performance of recent weeks.

Market participants now believed that there was a positive correlation between these two assets.

Popular trader Merlijn said Bitcoin is still a cryptocurrency “following gold’s script.”

“Gold: shakeout into ATH. Bitcoin: same consolidation, same trap. The breakout is coded. Next stop: price discovery mode,” Part of a X-post on the Day Read.

BTC/USD comparison with gold. Source: Merlijn the Trader/X

Crypto analyst and entrepreneur Ted Pillows maintained that BTC/USD was simply following gold with a characteristic delay — one that he calculated as eight weeks.

“Right now, Gold is hitting new highs, which means Bitcoin will do this next. Maybe we could see another correction, but overall Q4 will be big for Bitcoin,” He was predicting. 

Daan Crypto Trades also agreed, saying that Bitcoin’s catch-up is a thing of the past. “matter of time.”

“Throughout this cycle, BTC & Crypto have had short spurs of large outperformance, followed up by long sideways consolidation periods relative to $GOLD & Stocks,” He told X Followers 

“But in the end, the market always tends to catch up & more.”

BTC/USD vs. XAU/USD three-day chart. Source: Daan Crypto Trades/X

The article is not intended to provide investment advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.