Analysis: Gold rally pauses before Bitcoin price breaks record high

Odaily Planet Daily Report: If traders want to understand when BTC may set a new historical high, they should consider looking at the gold price chart. Historical data in 2020 shows that once the bullish momentum of gold weakens, BTC is likely to surge to a new high. BTC has been fluctuating between $50,000 and $70,000 since April, with multiple cryptocurrency-specific factors and macroeconomic factors continuing to limit its upside space. At the same time, the gold price has surged more than 20% during the same period, hitting a new high of over $2,700. Gold has risen 37% this year. Silver prices have risen 43% this year, reaching nearly $35 on Tuesday, the highest level in 12 years. This pattern is similar to the situation in 2020 where gold led the rise of BTC. If the past experience is referenced, the pause in the gold rally may pave the way for increased demand for BTC. However, it is uncertain whether history will repeat itself, and so far, gold has not shown signs of exhaustion of the uptrend or a slowdown in demand.