Gold has been making new highs and recently used the $2,500 level as support, hitting $2,513. In contrast, Bitcoin, sometimes referred to as digital gold, is about 15% below its all-time high. Bitcoin has been in a consolidation phase for nearly six months, while gold has been in a continued uptrend. This pattern of Bitcoin stabilizing while gold’s value increases has repeated itself several times over the past five years. For example, between 2019 and 2020, gold trended higher while Bitcoin remained flat. After gold’s uptrend ended, Bitcoin saw a nice price rally in late 2020. This recurring pattern suggests that Bitcoin could break out of this consolidation zone once gold’s uptrend ends.
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