Has Bitcoin Ended Its Eight-Week Pause Before Copying Gold's Records?

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Bitcoin is consolidating above $114,000, while gold continued to set new all-time highs – and traders are now confident that BTC is ready to follow suit.

BTC/USD 1-day chart. Source: Bitstamp

$115,000 – Critical Resistance

“Bitcoin is currently forming a hidden bullish divergence,” trader Cas Abbé wrote on social media, citing the relative strength indicator (RSI) on the daily timeframe. “Furthermore, it's approaching a critical resistance level near $115,000, and a breakout above that level will confirm a breakout. Keep an eye on this.”

BTC/USD 1-Day Chart. Analysis by Cas Abbe

Crypto trader, analyst, and entrepreneur Michaël van de Poppe also saw potential for continued growth after what he called a “small pullback.” “As you can see, Bitcoin has broken through an important resistance zone and has significant upside potential,” he said, attaching a chart.

BTC/USD 4-hour chart. Analysis by Michael van de Poppe

Is Bitcoin Following Gold's Playbook with an Eight-Week Late Lag?

Bitcoin versus gold became the main topic of discussion as the XAU/USD trading pair reached another all-time high of $3,875 per ounce.

In recent weeks, disappointment has grown over Bitcoin's failure to replicate gold's bullish performance. Now, however, market participants are confident that the positive correlation between the two assets remains.

Trader Merlijn stated that Bitcoin is still “following gold's playbook.” “Gold: shakeout before all-time high. Bitcoin: same consolidation, same trap. Breakout is pre-programmed. Next stop: fair price discovery mode,” he wrote on social media.

2-week charts for XAU/USD and BTC/USD. Analysis by Merlijn

Crypto analyst and entrepreneur Ted Pillows argues that BTC/USD is simply following gold with a characteristic lag—which, by his calculations, is eight weeks. “Right now, gold is making new highs, which means Bitcoin will do the same. We may see another correction, but overall, Q4 will be a strong quarter for Bitcoin,” he said.

Trader Daan Crypto Trades agreed that it's only a matter of time before Bitcoin catches up with gold. “Throughout this cycle, BTC and cryptocurrencies have shown short bursts of significant growth, followed by long periods of sideways consolidation compared to gold and stocks,” he wrote to his X subscribers. “But ultimately, the market always catches up. And with a vengeance.”

3-day charts of XAU/USD and BTC/USD. Analysis: Daan Crypto Trades

Source: cryptonews.net

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