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Recent actions have caused bitcoin price to retest the $67,000 price level. Notably, the price of bitcoin decreased by approximately 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, some long-term holders They also downloaded their Bitcoinswill probably ensure profits.
According to the technical analysis, correction in progress it is absolutely normal and good for bitcoin. Notably, technical analysis shows that the $100,000 price target for bitcoin is in play. Interestingly, this perspective is based on drawing parallels with the history of the gold price.
Analyst reveals what the gold chart says about the price of bitcoin
bitcoin has long been referred to as 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.
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Cryptoanalyst Tony 'The Bull' Severino took to social media platform x.com/tonythebullBTC/status/1853576829057052939″ rel=”nofollow”>shares an intriguing trend noted on the bitcoin price chart to convey an optimistic outlook on the cryptocurrency's long-term trajectory. Severino noted that bitcoin's price movements appear to be following a similar path to historical patterns seen in gold, which has experienced comparable price highs, lows, breakouts, and retests.
According to price charts shared by Tony Severino, he highlighted notable similarities between bitcoin's price action on the 2-week candlestick timeframe with Gold on the 2-month candlestick timeframe. Notably, bitcoin's price action has mirrored that of gold in multiple cases. Therefore, the analyst compared the current breakout/retest of bitcoin price to that of a similar breakout/retest in gold in 2023.
In March 2023, gold experienced a breakout and retest pattern, setting the stage for a prolonged rally for several months as of this writing. Severino believes bitcoin could follow a similar trajectory during a multi-month rally.
What's next for btc price?
According to Tony Severino's analysis, bitcoin's price correction will end very soon and is expected to see a notable rise for the rest of the year. In terms of timeline, he pointed to the creation of a new all-time high by the end of 2024 and a price of $100,000 for bitcoin in the first quarter of 2025.
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Although the analyst's projection is based on bitcoin's correlation with gold, the price target resonates with similar price predictions as other technical analyses. For example, a CryptoQuant analyst known as CoinLupin highlighted a similar pricing schedule based on the bitcoin MVRV (market value/realized value) ratio. Using this ratio, he predicted a target price range of $95,000 to $120,000.
At the time of writing, bitcoin is trading at $68,714 and is down 3% in the last 24 hours.
Featured image created with Dall.E, chart from Tradingview.com
