Bitcoin (BTC) remained stuck below $90,000 at Wall Street’s open on Friday as gold and silver neared historic milestones.
Key points:
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Bitcoin fails to change its sideways trading behavior, while gold approaches 2% of $5,000 per ounce.
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Bullish BTC price prospects are becoming increasingly rare as safe havens outperform.
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Gold sets an unprecedented target of $23,000 for the next eight years.
Bitcoin Price Avoids Breakout Moves
Data from TradingView showed that BTC’s stationary price action is increasingly in contrast to all-time highs for precious metals.
As traders agreed that new macroeconomic lows were looming for BTC/USD, bullish targets increasingly focused on the 2025 yearly open at $93,500.
“So my bullish outlook still has us overall down to the $75,000-$70,000 region, but we revisit $100,000 first,” Crypto trader Tony told X followers in his latest analysis.
Crypto Tony noted that the initial 2025 level coincided with a nearby “gap” in CME Group’s Bitcoin futures, which could increase its attraction as a price magnet.
“We would only see this happen if we get that tranche to $93,000 to close the CME gap in my opinion,” he continued.
“A touch of $85,000 would present the best long-term opportunity. IF WE HOLD.”
Previously, BTC/USD “filled” an open gap at $88,000 before bouncing back to current levels, with the only gaps now remaining above the spot price.
Data from tracking resource CoinGlass showed increasing liquidation levels at $88,300 and $90,100 as the US trading session approached.
“If the $86.8k level is missed and does not recover quickly after that, I assume we will start to see a test of the lows,” cryptocurrency trader, analyst and entrepreneur Michaël van de Poppe wrote in an X update that day.
“On the other hand, there is a crucial level at $91,000. If that is broken, we will see a sharp rise.”
Gold prediction calls for $23,000 per ounce
The headlines mainly focused on precious metals as both gold and silver approached the key psychological levels of $5,000 and $100, respectively.
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XAU/USD hit new highs of $4,967 per ounce overnight, with BTC/XAU barely holding the 18-ounce mark.
While monthly gold Relative Strength Index (RSI) values reached their most “overbought” level since the 1970s, bullish price forecasts continued to flow.
Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, presented a giant gold price of $23,000.
“We have a record accumulation of gold in the central bank. China has increased its gold pile 10-fold in the last two years alone,” he wrote in a blog post dedicated to analyzing gold within the current macroeconomic landscape.
“We have an incredible fiat money supply inflation of 10.5% annually, driving up asset prices.”
Edwards suggested that the current asset bull run could well follow in the footsteps of the greatest expansion periods of the 20th century.
“If so, we can expect the price of gold to tend to range between $12,000 and $23,000 in the next 3 to 8 years,” he concluded.
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