{"id":651647,"date":"2024-11-05T22:00:46","date_gmt":"2024-11-05T22:00:46","guid":{"rendered":"https:\/\/wncen.com\/?p=651647"},"modified":"2024-11-05T08:56:36","modified_gmt":"2024-11-05T08:56:36","slug":"gold-chart-bitcoin-price-100000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/gold-chart-bitcoin-price-100000\/","title":{"rendered":"Analyst Reveals What The Gold Chart Says About The Possibility Of Bitcoin Price Reaching $100,000"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Recent action has seen Bitcoin price retest the $67,000 price level. Particularly, the Bitcoin price declined 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, a few long-term holders <\/span><a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-long-term-holders-offload-over-177k-btc\/\"><span style=\"font-weight: 400\">also offloaded their Bitcoins<\/span><\/a><span style=\"font-weight: 400\">, likely to lock in gains.<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to technical analysis, <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-may-slide-to-65000-as-critical-support-level-fails-details\/\"><span style=\"font-weight: 400\">the ongoing correction<\/span><\/a><span style=\"font-weight: 400\"> is absolutely <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoins-brief-pullback-is-healthy-and-reasonable\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">normal and fine for Bitcoin<\/span><\/a><span style=\"font-weight: 400\">. Particularly, technical analysis shows that the $100,000 price target for Bitcoin is well in play. Interestingly, this outlook is based on drawing parallels with the price history of gold.\u00a0<\/span><\/p>\n<h2>Analyst Reveals What The Gold Chart Says About The Bitcoin Price<\/h2>\n<p><span style=\"font-weight: 400\">Bitcoin has long been referred to as the digital gold in terms of its use as a hedge against inflation. However, their respective price actions over the years point to more similarities than many investors realize.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/shiba-inu\/shiba-inu-shibarium-4-68-million\/\">Shiba Inu\u2019s Shibarium Sees Daily Transactions Surge To 4.68 Million, Will This Push SHIB\u2019s Price Toward $0.00008?<\/a><\/div>\n<p><span style=\"font-weight: 400\">Crypto analyst Tony &#8216;The Bull&#8217; Severino took to the social media platform X to <\/span><a href=\"https:\/\/x.com\/tonythebullBTC\/status\/57052939\" rel=\"nofollow\"><span style=\"font-weight: 400\">share an intriguing trend<\/span><\/a><span style=\"font-weight: 400\"> he observed on the Bitcoin price chart to relay an optimistic perspective on the cryptocurrency&#8217;s long-term trajectory. Severino pointed out that Bitcoin&#8217;s price movements appear to be following a similar path to historical patterns seen in gold, which went through comparable price tops, price bottoms, breakouts, and retests.<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to the price charts shared by Tony Severino, he highlighted notable similarities between Bitcoin&#8217;s price action on the 2-week candlestick timeframe with Gold on the 2-month candlestick timeframe. Particularly, Bitcoin&#8217;s price action has mirrored that of Gold in multiple instances. Therefore, the analyst compared to the current price breakout\/retest in the Bitcoin price to that of a similar breakout\/retest in Gold in 2023.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Back in March 2023, gold went through a breakout and retest pattern, which set the stage for a prolonged rally over several months up until the time of writing. Severino believes Bitcoin could follow a similar trajectory for a multi-month rally.\u00a0<\/span><\/p>\n<figure id=\"attachment_651649\" aria-describedby=\"caption-attachment-651649\" style=\"width: 460px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-651649\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/11\/Bitcoin-price.png?w=460&#038;resize=460%2C288\" alt=\"Bitcoin price\" width=\"460\" height=\"288\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/11\/Bitcoin-price.png?w=512 512w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/11\/Bitcoin-price.png?w=460 460w\" sizes=\"auto, (max-width: 460px) 100vw, 460px\"><figcaption id=\"caption-attachment-651649\" class=\"wp-caption-text\">Source: X<\/figcaption><\/figure>\n<h2>What\u2019s Next For The BTC Price?<\/h2>\n<p><span style=\"font-weight: 400\">According to Tony Severino&#8217;s analysis, the Bitcoin price correction is ending very soon and is set to go on a notable surge for the rest of the year. In terms of a timeline, he noted the creation of a new all-time high by the end of 2024 and a $100,000 price for Bitcoin in the first quarter of 2025.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/dogecoin\/dogecoin-whales-2-10-billion\/\">Dogecoin Whales Record Largest Accumulation Week Since January With 2.10 Billion Tokens Bought<\/a><\/div>\n<p><span style=\"font-weight: 400\">Although the analyst&#8217;s projection is based off of Bitcoin&#8217;s correlation with Gold, the price target resonates with similar price predictions with other technical analyses. For instance, a CryptoQuant analyst known as CoinLupin <\/span><a href=\"https:\/\/wncen.com\/bitcoin-news\/analyst-predicts-bitcoin-bull-run-mvrv-metric-hints-at-95k-to-120k-target\/\"><span style=\"font-weight: 400\">highlighted a similar price timeline<\/span><\/a><span style=\"font-weight: 400\"> based on the Bitcoin MVRV (Market Value to Realized Value) ratio. Using this ratio, he predicted a price target range of $95,000 to $120,000.<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, Bitcoin is trading at $68,714 and is down by 3% in the past 24 hours.<\/span><\/p>\n<figure style=\"width: 3286px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/eluxV7Tt\/\" alt=\"Bitcoin price chart from Tradingview.com\" width=\"3286\" height=\"1450\"><figcaption class=\"wp-caption-text\">BTC price shows bullish configuration | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Recent action has seen Bitcoin price retest the $67,000 price level. Particularly, the Bitcoin price declined 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, a few long-term holders also offloaded their Bitcoins, likely to lock in gains. According to technical analysis, the ongoing correction is absolutely normal and fine for Bitcoin. Particularly, technical analysis shows that the $100,000 price target for Bitcoin is well in play. Interestingly, this outlook is based on drawing parallels with the price history of gold.\u00a0 Analyst Reveals What The Gold Chart Says About The Bitcoin Price Bitcoin has long been referred to as the digital gold in terms of its use as a hedge against inflation. However, their respective price actions over the years point to more similarities than many investors realize. Related Reading: Shiba Inu\u2019s Shibarium Sees Daily Transactions Surge To 4.68 Million, Will This Push SHIB\u2019s Price Toward $0.00008? Crypto analyst Tony &#8216;The Bull&#8217; Severino took to the social media platform X to share an intriguing trend he observed on the Bitcoin price chart to relay an optimistic perspective on the cryptocurrency&#8217;s long-term trajectory. Severino pointed out that Bitcoin&#8217;s price movements appear to be following a similar path to historical patterns seen in gold, which went through comparable price tops, price bottoms, breakouts, and retests. According to the price charts shared by Tony Severino, he highlighted notable similarities between Bitcoin&#8217;s price action on the 2-week candlestick timeframe with Gold on the 2-month candlestick timeframe. Particularly, Bitcoin&#8217;s price action has mirrored that of Gold in multiple instances. Therefore, the analyst compared to the current price breakout\/retest in the Bitcoin price to that of a similar breakout\/retest in Gold in 2023. Back in March 2023, gold went through a breakout and retest pattern, which set the stage for a prolonged rally over several months up until the time of writing. Severino believes Bitcoin could follow a similar trajectory for a multi-month rally.\u00a0 What\u2019s Next For The BTC Price? According to Tony Severino&#8217;s analysis, the Bitcoin price correction is ending very soon and is set to go on a notable surge for the rest of the year. In terms of a timeline, he noted the creation of a new all-time high by the end of 2024 and a $100,000 price for Bitcoin in the first quarter of 2025.\u00a0 Related Reading: Dogecoin Whales Record Largest Accumulation Week Since January With 2.10 Billion Tokens Bought Although the analyst&#8217;s projection is based off of Bitcoin&#8217;s correlation with Gold, the price target resonates with similar price predictions with other technical analyses. For instance, a CryptoQuant analyst known as CoinLupin highlighted a similar price timeline based on the Bitcoin MVRV (Market Value to Realized Value) ratio. Using this ratio, he predicted a price target range of $95,000 to $120,000. At the time of writing, Bitcoin is trading at $68,714 and is down by 3% in the past 24 hours. Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":651659,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-651647","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\n<title>Analyst Reveals What The Gold Chart Says About The Possibility Of Bitcoin Price Reaching $100,000<\/title>\n<meta name=\"description\" content=\"The Bitcoin price declined by about 8.9% in seven days from $73,464 to $66,895, as many 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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