Bitcoin Poised to Reach New All-Time High in 2-3 Weeks, Analyst Predicts, Following Gold’s Surge

Crypto analyst Michaël van de Poppe has made an optimistic prediction that Bitcoin could hit a new all-time high within the next 2-3 weeks, drawing parallels with the recent strong performance of gold.

In a post shared on X, van de Poppe highlighted the momentum gold has recently gained and speculated that Bitcoin, often correlated with the precious metal, is likely to follow in its footsteps and make a significant price jump.

Gold's Surge Sets the Stage for Bitcoin’s Breakout

Gold has been on an impressive run, reaching new all-time highs in late January 2024. Throughout February, the yellow metal has continued its upward trajectory, with substantial gains early in the month. As of now, gold is trading above $2,900 per ounce, marking its seventh consecutive week of price appreciation according to GoldPrice.org.

This bullish performance in gold seems to be influencing Bitcoin's price action, as the two assets have historically shown correlated patterns. Van de Poppe’s analysis suggests that, following gold’s surge, Bitcoin may soon experience its own breakout.

Bitcoin's Accumulation Phase and Anticipated Catch-Up

Although Bitcoin has shown relative stability recently, it has entered an accumulation phase, where investors have been holding the cryptocurrency rather than trading it actively. Meanwhile, gold’s strong price rally has been underway for several weeks, raising questions about when Bitcoin will follow suit.

Analyst Daink pointed out the current decoupling between the two assets. While gold has been pushing to new highs, Bitcoin has yet to mirror this movement. However, Daink noted that historically, Bitcoin has tended to “catch up” with gold after such periods of decoupling, suggesting that Bitcoin’s own rally could be imminent. This observation lends further weight to van de Poppe’s prediction.

Bitcoin’s Correlation with Gold and Future Outlook

Both Bitcoin and gold have been seen as hedge assets, with similar price action in certain market conditions. Historically, the two assets have moved in tandem, especially during times of economic uncertainty. Van de Poppe’s prediction that Bitcoin could print a new all-time high in the coming weeks is grounded in this historical correlation.

The ongoing accumulation phase for Bitcoin could be a sign that investors are awaiting a major breakout, and once Bitcoin catches up with gold, its price could potentially surge to new heights. With gold’s price momentum continuing and Bitcoin’s market consolidation, the cryptocurrency may be poised for its own impressive price move soon.

As Bitcoin enters this crucial phase, analysts are closely monitoring market conditions to see if van de Poppe’s forecast comes to fruition. If Bitcoin follows the pattern set by gold, a new all-time high may not be far off.