CandleFocus Gold Rally Needs to Pause for Bitcoin Price to Break All-Time High, Data Suggests
2024-10-24
Author: Content Editor
The price of gold has been surging, reaching record highs in August 2020 and experiencing significant inflows into its ETF products. In the past seven trading days, gold has seen over 1 million ounces of inflows, the highest amount since October 2022. At the same time, U.S. bitcoin ETFs have also seen significant inflows, with $2 billion flowing into them in the past seven trading days. iShares Bitcoin Trust has seen $1.7 billion in net inflows in the same period. Historical data from 2020 suggests that when gold's bullish momentum runs out, bitcoin tends to follow suit and surge to new highs. Bitcoin has been trading in a range between $50,000 and $70,000 since April, while gold has surged by over 20% during the same time. If the past is a guide, a pause in the gold rally could pave the way for stronger demand for bitcoin. However, it is uncertain whether history will repeat itself, as gold currently shows no signs of uptrend exhaustion or demand slowdown.
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