Bitcoin (BTC) Poised for Breakout as Gold and Silver Lead the Way: Market Analysis
Bitcoin (BTC) may already be approaching its own breakout point, but gold and silver are front-running the king of the cryptocurrencies and are heading for all-time highs. Which of these horses are you backing?
Gold breaks out of ascending triangle
Source: TradingView
As can be seen on the daily chart for gold, the breakout occurred on Friday and the price is now heading for the $3,500 all-time high on Monday. The series of higher lows of the price action leading into the breakout helped to form an ascending triangle with the $3,430 horizontal resistance level. Breaking out of such a bullish formation should help upside price momentum.
Source: TradingView
The weekly chart for gold shows the long run-up in the price since the beginning of 2024. The breakout of this ascending channel, plus the formation of the ascending triangle, has led to this bullish setup. The measured move out of the triangle could take the price to $3,750.
Silver continues huge move higher
Source: TradingView
The silver 2-week chart illustrates the massive move out of the triangle. The next target is the 0.786 Fibonacci at $41.64, although expect this one to go a lot further.
Silver forming a 45-year cup and handle pattern
Source: TradingView
Zooming even further out on the 2-week chart for silver it can be seen that the price is actually forming an absolutely massive 45-year cup and handle pattern. Given the tremendous amount of subjugation of the price over these 45 years, there is a good likelihood that this could play out. Just below $100 would be the target.
Bitcoin latest rejection from breakout of channel
Source: TradingView
Meanwhile, the $BTC price has suffered its next rejection of the upper side of the ascending channel. Is this to be yet another refusal from the bears that continues to take $BTC down and into its next bear market? Probably not. The price could have just come back to retest the horizontal support before a successful breakout on the next attempt.
Which will be the fastest horse?
So with Bitcoin lagging as gold and silver plough higher, which of these is likely to be the fastest horse, at least for the next few weeks and perhaps months?
My money is still on Bitcoin. What would yours be on?
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
