Analysis: Gold rally pauses before Bitcoin price breaks record high

Traders who want to understand when BTC might hit a new all-time high should consider checking out the gold price chart. Historical data from 2020 suggests that Bitcoin is likely to surge to new highs once gold's bullish momentum fades. BTC has been fluctuating between $50,000 and $70,000 since April, with multiple crypto-specific and macro factors continuing to limit its upside. Meanwhile, gold prices have surged more than 20% over the same period, hitting new highs above $2,700. Gold is up 37% this year. Silver prices, on the other hand, are up 43% this year, hitting nearly $35 on Tuesday, a 12-year high. This pattern is similar to the situation in 2020 when gold led Bitcoin's gains. If the experience at the beginning is any guide, a pause in gold's rally could pave the way for stronger demand for BTC. But whether history will repeat itself remains uncertain, and as of now, gold has shown no signs of exhaustion or slowing demand. (Coindesk)