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Gold and Silver Hit Record Highs: Will Bitcoin Catch Up Soon?

Gold and Silver Hit Record Highs: Will Bitcoin Catch Up Soon?

The commodities market is experiencing a robust rally, with precious metals such as gold and Silver recently setting new records. Gold dominates the global financial market, reaching a fresh all-time high against the US dollar. As a result, market watchers are closely watching Digital Gold, also known as Bitcoin.

On Monday, the gold price rose to $2,450 per ounce, propelled by continued geopolitical developments in Iran and the possibility of a dovish Fed interest rate policy. Another factor pushing gold prices is continued demand from central banks, contributing to a 30% increase this year.

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Silver Makes an 11-Year Breakout.

Silver (SILVER) remained in the spotlight on Monday, surging to an 11-year high and exceeding the crucial psychological threshold of $30. This increase is linked to its safe-haven status, the falling US currency, and industrial utility.

Investors are driving the price of Silver and other precious metals to hedge against ongoing geopolitical uncertainty.

Looking ahead, Silver is expected to benefit from increased industrial demand. The Silver Institute’s World Silver Survey report predicted a 9% increase in industrial demand this year, driven by the increased usage of Silver in renewable energy applications.

In the longer term, investors should watch for a possible move towards $35. This sector may face resistance due to a crucial multi-year horizontal line connecting notable swing highs in 2011 and 2012. A significant break above this level could result in a retest of the record high of $47.71 set in April 2011.

Source: TradingView

 

Will Bitcoin (BTC) Catch Up Soon?

The commodity has widened its lead above Bitcoin during the recent silver price surge. Bitcoin is still $500 billion away from matching Silver’s $1.8 trillion valuation and becoming the world’s eighth-largest commodity. For the flipping, the Bitcoin price must cross $93,000, assuming Silver remains steady by then.

Bitcoin researcher Dylan LeClair previously stated that Bitcoin frequently doubles within months of reaching new highs, particularly during halving events.

Mike Novogratz, the founder and CEO of Galaxy Digital, expects that Bitcoin will remain in a “consolidation phase” between $55,000 and $75,000 for the next month, with a potential uptick towards the end of Q2.

Traditional markets are reaching fresh all-time highs, while gold and Silver perform exceedingly well. It is clear that ensuring inflation protection has become critical.

Bitcoin has emerged as a significant player. According to the expert, arguments concerning its legality are no longer applicable now that it is fully regulated and marketable on Wall Street.

Serious Question: Why is retail not seeing #Bitcoin now?

Traditional markets are trading at new all-time highs. Gold and silver are performing very well. It should be clear to everyone by now that they need some inflation protection ASAP. Traditional markets, gold, and silver… pic.twitter.com/M6Z20p5vOL

— sunnydecree (@sunnydecree) May 19, 2024

 

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