- Bitcoin price could still run higher as analyst finds gold to BTC rotation may have begun.
- Could the price of gold have concluded a local top?
- The price of BTC could surge to multiple new ATH prices if gold capital flows into BTC.
The crypto market is currently experiencing an unexpected pump as both BTC and ETH are surging to reclaim higher prices. At the moment, the price of BTC has reclaimed the $116,000 price range while ETH is trading in the $4,200 price range, marking a pump of over 6% in the last 24 hours. Amidst this surge, bullish analysts believe that Bitcoin price could still run higher as analyst finds gold to BTC rotation may have begun.
Bitcoin Price Could Still Run Higher
The current state of the bull market has left many reputed crypto analysts in a state of confusion, as bearish and bullish analysts debate the possibility of a bullish reversal and a recovery to previous ATH prices. As of last week, some analysts declared that the crypto market was moving towards a bear market drop, which would take the price of BTC to prices below $100,000, possibly to the $60,000 price range.
This expectation was thought to occur based on the fact that the 4-year bull cycle period was timing out. However, not all analysts agreed with this bearish outcome, with many analysts still expecting a strong turn back to bullish reversals, and possibly even higher ATH prices for BTC and altcoins. Amidst the bearish expectations, bullish analysts remained hopeful for at least one more new BTC ATH before altseason would be triggered.
As we can see from the post above, this popular and reputed crypto trader and analyst, Lark Davis, noticed that the price of gold is down while the price of BTC is up, suggesting the possible rotation of gold value flowing into Bitcoin (BTC). In particular, he suggests that the price of gold may have already hit its local top. Presently, gold is down 5% on the week, while BTC is up 3%.
He concludes that there is a possibility that rotation from less risky assets to crypto assets may have finally begun. Additionally, he mentions that if BTC absorbs even a fraction of gold’s market cap, it could mark the beginning of an insane rally, which could propel the price of BTC to ATHs between $134,000, $188,000, and $242,000. Lastly, he states that it doesn’t take much capital to move Bitcoin, just conviction and liquidity.
Gold to BTC Rotation May Have Begun
Another post confirms a similar observation. As we can see from the post above, this analyst believes that it is Bitcoin’s turn to pump hard, as gold has pumped so far. The images accompanying the post showcase how these two assets take turns pumping up their prices and how it seems that gold is taking a break, meaning that it’s Bitcoin’s turn to pump, which means altcoins could pump next.