Can Bitcoin catch up Gold?
Gold has declined over the past two months, a move anticipated as the market entered the fifth wave of an extended wave 3 following a new all-time high. Currently, it appears we are experiencing a corrective pause in a higher degree wave 4, which may be nearing its conclusion. If so, this would lead to an increase in price for wave 5 of III.
Bitcoin (BTCUSD) remains in a higher-degree uptrend after reaching a new all-time high in March, followed by a pullback that is still ongoing. This pullback seems to be part of a higher degree wave IV on the daily chart, likely forming a deeper A-B-C flat correction that could bottom out in the 55k-50k range.
Gold is already rebounding and showing strong performance, having possibly completed its correction within a bullish trend. This is reflected in the Bitcoin/Gold ratio chart declining. However, once the BTC/Gold ratio chart finishes wave (C) of a higher degree A-B-C correction in wave 4, the BTC/Gold ratio could head towards all-time highs for wave 5, indicating that Bitcoin might then catch up to gold on the upside.