Recent action has caused Bitcoin’s price to once again test the $67,000 price level. Specifically, Bitcoin’s price fell by approximately 8.9% in seven days from $73,464 on October 29 to $66,895 on November 4 as many short-term investors exited their positions. At the same time, several long-term holders they also unloaded their Bitcoinslikely to lock in profits.

According to technical analysis, ongoing correction it is absolutely normal and good for Bitcoin. In particular, technical analysis shows that Bitcoin’s $100,000 price target holds well. Interestingly, this forecast is based on similarities with the history of gold prices.

Analyst Reveals What Gold Chart Says About Bitcoin Price

Bitcoin has long been called digital gold due to its apply as a hedge against inflation. However, their respective price movements over the years indicate more similarities than many investors realize.

Cryptocurrency analyst Tony “The Bull” Severino took to social media platform X we share an intriguing trend observed on the Bitcoin price chart to provide an bullish perspective on the cryptocurrency’s long-term trajectory. Severino pointed out that Bitcoin’s price movements seem to be following a similar path to the historical patterns seen in gold, which has gone through comparable price highs, lows, breakouts and retests.

According to the price charts shared by Tony Severino, he highlighted the noticeable similarities between Bitcoin’s price action on the two-week candle time frame and the gold price on the two-month candle time frame. In particular, Bitcoin’s price action has in many cases mirrored that of gold. As such, the analyst compared the current Bitcoin price break/retest to a similar gold price break/retest in 2023.

In March 2023, gold went through a breakout and retest phase, which set the stage for a long-term rally lasting several months up to the time of writing. Severino believes Bitcoin could follow a similar trajectory for a multi-month rally.

What’s next for the BTC price?

According to Tony Severino’s analysis, Bitcoin’s price correction will end soon and will see significant growth for the rest of the year. In terms of timeline, he noted the creation of a fresh all-time record by the end of 2024 and Bitcoin price reaching $100,000 in the first quarter of 2025.

Although the analyst’s forecast is based on Bitcoin’s correlation with gold, the price target aligns with similar price predictions from other technical analyses. For example, a CryptoQuant analyst known as CoinLupin highlighted a similar pricing schedule based on the Bitcoin MVRV (market value to realized value) ratio. Using this ratio, he projected a target price range of $95,000 to $120,000.

At the time of writing, Bitcoin is trading at $68,714 and is down 3% in the last 24 hours.

Featured image created with Dall.E, chart from Tradingview.com