Bitcoin seems to be tracking a remarkably similar price path to gold’s recent bull run. Crypto expert Ted Pillows, posting on social media site X, points out that the present price action of Bitcoin is copying gold’s historical pattern from accumulation, via distribution, to a breakout rally.
As Pillows’ analysis indicates, the price action of Bitcoin following its latest all-time high is similar to how the price of gold reacted during its multi-year bull cycle. The analysis is backed up by a side-by-side chart illustrating gold’s price action from the early 2010s to 2023 next to Bitcoin’s price action over the last several years.
The famous gold cycle started with a distribution phase from 2011 to 2013, followed by a long accumulation phase until mid-2019. Then, gold was in the reaccumulation phase until 2023, setting up a steep rally for prices above $3,300 per ounce.
Bitcoin’s timeline, while condensed into a more compact period, is a replica of this format. Following the run-up to almost $69,000 in late 2021, Bitcoin moved into a distribution period during 2022, then an accumulation period in 2023. The crypto then broke through $45,000 and is now in the process of reaccumulating as of late 2024, eerily similar to gold’s pricing pattern leading up to its breakout.
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Bitcoin’s recent retreat from new highs is not considered a weakness indicator but instead as a healthy correction, similar to gold’s correction during its bull run. Gold corrected through two monthly candlesticks after reaching an all-time high just above $2,750, before continuing an impressive upward trend.
Pillows identifies the concurrent correction for Bitcoin, affirming that this period is in line with a larger bull cycle. This consolidation is probably building the ground for Bitcoin’s next rise, following gold’s historical roadmap.
The fractal similarity of Bitcoin’s price action to that of gold presents a positive future forecast for Bitcoin. Pillows predicts Bitcoin may form a cycle high between $125,000 and $130,000 in the third quarter of 2025.
Trading at around $106,903 at 3:22 PM today, the price action of Bitcoin indicates a possible breakout rally shortly, as it concludes the reaccumulation stage and heads for new all-time highs.