Gold Hits All Time High—Is Bitcoin Next?

Bitcoin started the week with a bullish push, climbing 1.30%, but the bigger story lies in what’s been driving its moves. Since 2024, Bitcoin has closely followed gold’s lead, rallying alongside the precious metal as investors seek safe-haven assets. With gold now reaching a new all-time high, speculation is mounting that Bitcoin could be next in line for a major rally.

Throughout 2024 when gold shined, Bitcoin wasn’t far behind. With both risk assets gaining institutional attention and global markets turning bullish, Bitcoin could be gearing up for its next explosive move.

In a post on X, analyst CryptoJelleNL shows the striking correlation between Bitcoin and gold over recent years. Gold has consistently led the way, with Bitcoin catching up shortly after. This trend correlation has been going since Q4 2023 as gold surged first, followed by a Bitcoin rally toward the end of the year. Now, with gold reaching new all-time highs, CryptoJelleNL believes Bitcoin is once again ready to mirror GOLD’s move.

Bitcoin has been correlating with Gold since mid-2023. Source: CryptoJelleNL

The chart by Analyst CryptoJelleNL highlights three key phases in BTC and gold’s price action. In late 2023 and early 2024, both assets moved together, showing a strong correlation.

However, in late 2024, old surged ahead while Bitcoin lagged before eventually catching up. This pattern suggests that Gold often acts as a leading indicator, with Bitcoin following its lead after a short delay. Now, Gold has once again broken into new all-time highs while Bitcoin consolidates. If history repeats, Bitcoin could soon be gearing up for its next big move, potentially toward new all-time highs.

Bitcoin is establishing a massive symmetrical triangle on the weekly chart, a pattern known for signaling explosive moves. Analyst Titan of Crypto highlights this setup, suggesting that a bullish breakout could send BTC toward the $116,000 level.

Symmetrical triangles represent a phase of consolidation before a significant move, and in Bitcoin’s case, a breakout above resistance could ignite further upside momentum. Given Bitcoin’s strong correlation with gold in recent months, its price action is being closely watched for confirmation.

Bitcoin symmetrical triangle pattern targeting $116K. Source: Titan of Crypto

This pattern aligns with CryptoJelleNL’s observation that Bitcoin has been following gold’s price movements. Historically, gold has acted as a leading indicator, with Bitcoin catching up shortly after. With gold recently hitting a new all-time high, CryptoJelleNL believes Bitcoin may be preparing for its next major leg up. If the symmetrical triangle breakout plays out as Titan of Crypto suggests, BTC could soon be testing new highs.

Japan plans to classify Bitcoin as a financial product. Source: X

In major Bitcoin news today, the country has announced plans to classify Bitcoin as a financial product, putting it in the same league as securities. According to Nikkei, the proposal would lift the ban on Bitcoin ETFs and slash crypto taxes from 55% to 20%, making it way more attractive for investors. With institutional money now eyeing Japan’s crypto market, this move could be the spark that sends Bitcoin soaring.

Onchain data comparing Bitcoin old whales vs new whales. Source: Ki Young Ju

Meanwhile, on-chain data from CryptoQuant shows something big brewing as whales are loading up on Bitcoin at a rapid pace. New institutional buyers are outpacing long-time holders. Historically, when big players start accumulating, a major move isn’t far behind. Now, with gold hitting record highs and institutions eyeing Bitcoin as the next big hedge, all signs point to an explosive breakout.