Key Takeaways
- Gold outperforms Bitcoin as its price hits new highs of over $3,350 per ounce.
- Bitcoin’s breaking above $95,000 could change its bearish price action to bullish, as the price could rally to $100,000.
- Crypto experts believe that the price of Bitcoin will eventually catch up with Gold despite the struggle in the past few months.
In the past few weeks, the price action of Bitcoin (BTC) has remained in the shadows of Gold (XAU). The price of XAU has gone wild as the price has rallied to new highs of $3,350 per ounce, while the price of Bitcoin, after rallying from a low of $74,500 to a high of $85,000, BTC’s has struggled to trend higher.
Despite uncertainties that have affected the financial market’s price action in the past weeks, Bitcoin has suffered a huge price decline of over 35% in the past three months, as Gold has rallied by over 23%, outperforming Bitcoin.
Crypto experts and analysts have suggested the price of Bitcoin (BTC) could catch up with Gold and eventually outperform its recent price action, as the price of Bitcoin in the last few years has shown better price action, gaining much attention from institutions as a hedge against inflation.
Crypto Experts Share Their Opinions
TheBTCTherapist on his X account highlighted how, in previous years, the price of Bitcoin (BTC) would try to catch up with Gold as he believes this time is no different, despite Gold outperforming BTC in the last few weeks of market uncertainties.
Mistertcrypto, in his X account, also shared similar thoughts regarding BTC trailing the price of Gold. He highlighted that nothing has changed, with the crypto expert analyzing the price action of Gold, suggesting liquidity from Gold will be rotated back into BTC, as it has always happened in previous years.
Bitcoin Weekly Price Analysis Ahead Of Gold All-time Highs
Source – Bitcoin 1D Price Chart From TradingView
The price of Bitcoin has lagged behind Gold in the past few weeks, around 100 to 150 days. The price currently struggles to break above $88,000 as it trades below its 50-day and 200-day EMAs.
The price of BTC breaking above $95,000 could signal a big shift from a bearish trend for months to a bullish one, as the price of Bitcoin could rally toward $100,000 for the first time. Over-market sentiment for Bitcoin remains bullish as the price hasn’t traded below $70,000, which could give bears more opportunity to push the price lower.
Traders and investors will pay close attention to price attempts to break out to the upside of $90,000, or the price could be rejected towards its key support zone projected by bulls.
