Bitcoin Following Gold’s Footsteps? Analyst Sets Mid-Term Target At $155,000

Gold has reached a new all-time high, while Bitcoin is consolidating around $80,000, but analysts predict Bitcoin may follow gold's upward trend. A crypto trading account highlighted similarities between gold and Bitcoin's price movements, suggesting a potential breakout for Bitcoin. Bitcoin is breaking out of a consolidatory wedge pattern with a possible target of $155,000. Bitcoin's all-time high was previously set in January. Favorable macroeconomic factors, such as an expected increase in the global M2 money supply, support Bitcoin's price. Bitcoin has shown resilience amid geopolitical uncertainty and tariff wars, mirroring gold's safe-haven status. Despite a recent correction, Bitcoin's drawdown has been relatively modest compared to previous market cycles. Bitcoin's current correction is the shallowest among past cycles since 2011. While Bitcoin matures, institutional investors are taking profits, causing outflows from Bitcoin ETFs. At the time of writing, Bitcoin is trading around $84,694.