Bitcoin enthusiasts and investors are eagerly anticipating a new all-time high (ATH) for the cryptocurrency in the next 2-3 weeks, following a bullish prediction by crypto analyst Michaël van de Poppe. Van de Poppe, known for his accurate forecasts in the crypto space, drew parallels between Bitcoin and gold, suggesting that the leading cryptocurrency is poised to follow in the precious metal’s footsteps.
Gold, which has been on a remarkable uptrend recently, surpassed its previous ATH in late January and has continued to climb steadily. With the price of gold currently trading above $2,900 per ounce, it is experiencing its seventh consecutive week of price appreciation. This strong performance by gold has influenced van de Poppe’s projection for Bitcoin to reach new ATH levels in the coming weeks.
The correlation between Bitcoin and gold has been noted by analysts, with both assets exhibiting similar patterns in the past. While gold has been surging, Bitcoin has been relatively stable, entering an accumulation phase. However, history has shown that Bitcoin tends to catch up with gold after periods of decoupling, indicating that a potential rally for Bitcoin may be on the horizon.
Analyst Daink highlighted this trend, pointing out that each time gold moves away from Bitcoin, the cryptocurrency eventually catches up. This historical pattern suggests that Bitcoin could be gearing up for a significant price increase in the near future, aligning with van de Poppe’s optimistic forecast.
As the crypto community eagerly awaits Bitcoin’s potential new ATH, the market sentiment remains positive. With the recent surge in gold prices and the historical correlation between the two assets, many investors are hopeful that Bitcoin will soon follow suit and reach new record highs.
Overall, the outlook for Bitcoin appears promising, with analysts and investors alike anticipating a bullish trend in the coming weeks. If van de Poppe’s prediction holds true, Bitcoin could be on track to print a new ATH and continue its upward trajectory in the ever-evolving cryptocurrency market.