Bitcoin Gold Copycat Target: $155K as BTC Shows Impressive Resilience

Bitcoin is projected to reach a $155,000 price target, emulating gold’s performance. Despite a year-to-date decline, analysts note supporting factors like a declining dollar index. Both Bitcoin and gold have shown resilience amid macroeconomic pressures, with Bitcoin recovering to $85,000 after previous dips. Analysts highlight Bitcoin’s current drawdown as modest compared to historical standards, showcasing robust investor sentiment.

Bitcoin (BTC) has a new target inspired by gold, with analysts predicting a potential $155,000 price as both assets show impressive performance. According to Cryptollica, a noted trading and analytics account, BTC may soon mimic gold’s price action as it looks to break new all-time highs.

Despite Bitcoin’s year-to-date decline of 9.3%, while gold continues to soar, bullish expectations remain. Cryptollica forecasts that BTC/USD will break from its current wedge formation, allowing for a swift rise to six figures, with a midterm price target set at $155,000.

Supportive factors for Bitcoin’s price movement include a declining US dollar index and historical peaks in the global M2 money supply, which have previously catalysed bull runs. Onchain analytics firm Glassnode recognised the resilience of both Bitcoin and gold amid macroeconomic challenges, highlighting their status as hard assets.

In its newsletter, Glassnode noted that despite initial price drops, Bitcoin has regained momentum, trading up to $85,000 after a dip to $75,000. They indicated that gold reached a new all-time high (ATH) of $3,300 as investors seek secure assets during market instability.

Moreover, analysts pointed out that Bitcoin’s price drawdown remains modest at approximately 30% compared to past events, indicating a stronger sentiment among modern investors. Historically, Bitcoin has seen much larger sell-offs during economic disturbances, emphasising its resilience during unfavourable conditions like the ongoing US-China trade dispute.