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Gold Hits $3,000 for the First Time – Could Bitcoin Follow?

Published by
Nidhi Kolhapur

On Friday, gold prices surged past $3,000 per ounce for the first time this year, setting a record high of $3,004. This marks gold’s 13th all-time high, pushing its total market value beyond $20 trillion. Rising global tensions, inflation concerns, and growing demand for safe investments have driven this surge.

As gold climbs higher, many investors are asking: Could Bitcoin – often called “digital gold” – see a similar rise?

Bitcoin Faces a Different Reality

While gold is soaring, Bitcoin has struggled. The cryptocurrency is currently 23.3% below its all-time high, with a 14.5% drop over the last month. However, it has seen a slight rebound, gaining 1% in the past 24 hours to reach $83,446 at the time of writing.

Despite these setbacks, some experts believe Bitcoin could still follow gold’s long-term growth pattern.

Bitcoin ETFs: A Turning Point Like Gold’s?

Analysts have drawn comparisons between the launch of Bitcoin ETFs in January 2024 and Gold ETFs in 2004. When Gold ETFs were introduced, they made it easier for investors to gain exposure, leading to steady price growth over time.

Experts suggest Bitcoin could follow a similar path, with its ETF driving institutional adoption and long-term price gains. If history repeats itself, Bitcoin might see a steady upward trend similar to gold’s.

Is Bitcoin Poised for a Big Breakout?

Another market analyst believes both gold and Bitcoin are following a five-step parabolic growth model. He argues that Bitcoin has already moved past a temporary “fakeout” phase and is now heading for a major breakout. His prediction? Bitcoin could surge to $150,000 in the near future.

Concerns Over Bitcoin’s Performance

Not all analysts are convinced. Market expert Northstar pointed out that Bitcoin has been underperforming gold for four years—the longest period ever. He warned that gold’s recent surge isn’t just about its price rising, but also about a shift in investment strategies. This shift, he suggests, could cause a downturn in markets like the NASDAQ, which Bitcoin often follows.

Financial analyst Charlie Morris also raised concerns. He noted that while gold-backed funds are seeing strong inflows, Bitcoin ETFs are losing ground. In the last 30 days, gold ETFs have attracted $10 billion, while Bitcoin ETFs have seen $5 billion in outflows. However, he suggested that these trends tend to reverse over time.

With Bitcoin currently priced around $80,000, the next few months will be crucial. Will it mirror gold’s long-term rise, or will it continue to lag behind?

Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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