Gold Rally Needs to Pause for Bitcoin Price to Break All-Time High, Data Suggests

Coindesk
24 Oct 2024
  • Gold led bitcoin higher in 2020, setting record highs in August 2020. BTC followed suit in December.
  • Gold has seen over 1 million ounces of inflows into its ETF products in the past seven trading days, the highest amount since October 2022.
  • U.S. bitcoin ETFs have seen $2 billion of inflows over the past seven trading days. At the same time, iShares Bitcoin Trust has seen $1.7 billion in net inflows in the same period.

Bitcoin (BTC) traders seeking insights into when the world's largest token might hit new lifetime highs should consider pulling up gold’s price chart on their trading screens. Historical data from 2020 suggests that bitcoin will likely surge to new highs once the yellow metal’s bullish momentum runs out of steam.

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