Bitcoin (BTC) has broken through the critical $60,000 mark, now trading at $63,450, marking a major milestone after weeks of resistance.
Despite a slight 0.02% dip in the last 24 hours, technical indicators like RSI show bullish momentum, currently above neutral at 62.
Bitcoin's market cap has skyrocketed by 350,000% since its inception, significantly outperforming gold, a traditional safe-haven asset.
Emerging signals indicate Bitcoin might be on the verge of another extended price rally, strengthening its position against gold.
The BTC/GLD ratio tracks Bitcoin’s performance against gold, serving as a key metric for gauging Bitcoin’s market cap dominance.
Analyst Peter Brandt predicts a potential 400% surge in the BTC/GLD ratio by 2025, driven by the inverse head-and-shoulders technical pattern.
The inverse head-and-shoulders pattern consists of three troughs, with the central one (head) deeper than the two outer ones (shoulders).
This pattern is validated when the price breaks above the neckline, often leading to a rally equal to the maximum distance between the neckline and the head.