Bitcoin Price May Need Gold Rally to Slow Down Before Hitting All-Time Highs

Bitcoin (BTC), the leading cryptocurrency by market capitalization, has been fluctuating within a broad range of $50,000 to $70,000 since April. This volatility can be attributed to various cryptocurrency-specific and macroeconomic factors that have consistently limited its upward momentum. In contrast, gold has experienced a remarkable surge, climbing over 20% during the same period and reaching unprecedented highs above $2,700. This impressive performance has propelled gold's value up by 37% this year alone. Additionally, silver has seen a significant increase of 43% this year, nearly peaking at $35 on Tuesday, marking a 12-year high. Recent data indicates that over the past week, more than 1 million ounces of gold have flowed into exchange-traded funds (ETFs), representing the largest inflow since October 2022. As these trends continue, analysts suggest that Bitcoin's price may need a pause in gold's rally to break through its all-time highs.