Bitcoin (BTC) Price Mirrors Gold's 1970s Bullish Pattern, Could Reach $250k

Years after its inception, growing adoption and price rallies, Bitcoin gained the tag of the ‘digital gold.’ However, other than the name, there wasn’t much similarity

Years after its inception, growing adoption and price rallies, Bitcoin (BTC) gained the tag of the ‘digital gold.’ However, other than the name, there wasn’t much similarity until recently, as it began following the gold’s historical bull run pattern from the 1970s.

Now, with BTC trading at $83.2k and Gold (GLD) at $3k, the parallel pattern between the two assets cannot be ignored. If BTC moves on this bullish pattern, experts believe it could reach the anticipated six-figure $250k target.

Let’s discuss the Bitcoin Vs gold trajectory and what this means for investors.

Bitcoin Vs. Gold: Bitcoin Price Mirrors Gold’s 1970s Bullish Pattern

In the mid-1970s, gold experienced a massive breakout after several years of price consolidations. At that time, it resulted in exponential growth, and interestingly, Bitcoin went through a similar accumulation phase, followed by a period of consolidation.

More importantly, the Bitcoin Vs Gold chart analysis presents the Bitcoin price in the exact position that gold was before its explosive rally or bull run. Other than that, the major resistance levels have been tested multiple times, signaling an upcoming breakout.

Not to forget, the growing institutional adoption and U.S. Strategic Bitcoin Reserve formations present a similar influx of demand as with gold before its historic surge.

As a result, investors anticipate an exponential rally to a six-figure high of $250k.

If the gold’s trajectory is followed, BTC can break out beyond $100k, as it has already set an ATH at $109k earlier this year. An extended Bitcoin bull run could push it toward $250k in the upcoming years.

Interestingly, many analysts and trading tools have shared similar Bitcoin price predictions, increasing the credibility of this Bitcoin vs gold pattern.

Bitcoin Price Chart Forms Descending Broadening Wedge, What’s Next?

Although the long trajectory for BTC remains optimistic, the current scenario is in a tough spot. The token is currently trading at $83.2k and stands 24% away from its ATH per CoinmarketCap.

Interestingly, the BTC price chart was forming a bullish pennant pattern before but now has turned into a descending broadening wedge per analysts on the 1-hour time frame.

As a result, this indicates the increased volatility and the possibility of the breakout only if it breaks the resistance at $84.1K. The key resistance is $84.1k, so a breakout above this could trigger a rally. In addition, the key support is at $81k, so the maintenance of this level is crucial.

“Bullish Pennant turned into Descending Broadening Wedge in 1h TF chart. Bulls need to clear the 84.1k resistance to confirm the breakout. I’m still bullish,” says crypto analysts Captain Faibik

Interestingly, once the BTC crosses over the resistance, it could hit $86k-$88k in the short term and six figures in the long term.

Conclusion: Bitcoin to Hit Six Figures with Gold’s Bullish Pattern

The Bitcoin price action is similar to gold’s actions in the 1970s, which resulted in one of the biggest rallies. Further continuity of this pattern will result in a breakout. However, this is based on recent stats, so the trajectory may change with upcoming macroeconomic events like the U.S. Fed decision and market performance.

So, investors must cautiously analyze BTC’s trajectory, especially as it is in a descending broadening wedge pattern, where it needs to clear $84.1k to confirm the bullish uptrend.

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