According to PANews citing CoinDesk's analysis, if you want to know when Bitcoin (BTC) can hit a new all-time high, investors should pay attention to the trend of gold prices. Data from 2020 shows that once gold's bullish momentum weakens, Bitcoin is likely to soar to new highs. In August of that year, gold reached an all-time high, and then Bitcoin followed in December.
Since April 2024, Bitcoin prices have fluctuated between $50,000 and $70,000, with multiple cryptocurrencies and macro factors limiting their upside. Meanwhile, gold prices have soared more than 20% this year to a high of more than $2,700, with an annual gain of 37%. Silver prices have risen 43% and hit a 12-year high of nearly $35 on Tuesday. This trend is similar to the situation in 2020 when gold led Bitcoin higher, suggesting that if the gold rally stagnates, it may promote the growth of Bitcoin demand.
In the past seven trading days, gold ETF inflows exceeded 1 million ounces, setting a record since October 2022. During the same period, the inflow of funds into US Bitcoin ETFs reached US$2 billion, of which iShares Bitcoin Trust had a net inflow of US$1.7 billion. According to Sui Chung, CEO of crypto index provider CF Benchmarks, 60% of the funds that have recently flowed into Bitcoin are directional holdings and 40% are basic transactions.
