Can Bitcoin Follow Gold's Lead to a New All-Time High? | Credit: Derek Fenech
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Key Takeaways
Gold hit a new all-time high of $3,789 on Sept. 23.
Gold and Bitcoin have historically been correlated.
Will Bitcoin follow Gold’s lead and hit a new all-time high?
Gold has surged to a record high of $3,789, leaving both commodities and crypto markets in the dust.
Historically, Bitcoin has often moved in tandem with gold during periods of macro uncertainty. Now, the big question is whether BTC could be gearing up for its own breakout.
Is Bitcoin about to follow gold’s parabolic run to a new all-time high?
Why Is Gold Going Up?
The Gold price has been on an absolute tear this year, surging by 45% to a new all-time high of $3,791 this week.
Its upward trend started in February 2024 (green icon), when Gold broke out from the $2,100 horizontal resistance area after four previous unsuccessful attempts.
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This has happened twice so far, at the end of 2016 and 2024, respectively.
Since the Gold price has risen parabolically for over a year and a half, it is due for a retracement, which could allow the money to flow into Bitcoin.
Breakout Incoming
Gold’s massive surge has captured the market’s attention, but momentum signals suggest a pullback could be on the horizon.
If history repeats, a cooling in Gold’s price may open the door for Bitcoin to play catch-up.
With both assets moving in cycles, Bitcoin could shine the rest of the year, heavily outpacing Gold.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
