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[Analysis: Gold Rally Needs To Pause Before Bitcoin Price Breaks Through Historical Highs] According To CoinDesk Analysis, Traders Should Consider The Gold Price Chart If They Want To Understand When Bitcoin May Hit A New All-time High. Historical Data In 2020 Shows That Bitcoin Is Likely To Soar To New Highs Once Gold's Bullish Momentum Weakens. In 2020, Gold Led Bitcoin Higher And Hit A New All-time High In August 2020; BTC Followed Closely In December Of That Year. BTC Has Been Fluctuating Between $50,000 And $70,000 Since April, And Multiple Cryptocurrency-specific And Macro Factors Continue To Limit Its Upside. At The Same Time, Gold Prices Soared More Than 20% In The Same Period, Hitting A New High Of More Than $2,700. Gold Is Up 37% This Year. And Silver Prices Have Risen 43% This Year, Almost Hitting $35 On Tuesday, A 12-year High. This Pattern Is Similar To The Situation In 2020 When Gold Led Bitcoin To Rise. Therefore, If Past Experience Is A Guide, A Pause In The Gold Rally Could Pave The Way For Increased Demand For BTC. That Said, It Remains Uncertain Whether History Will Repeat Itself, And As Of Now, Gold Has Shown No Signs Of Exhaustion Or Slowing Demand. Gold ETF Products Have Seen Inflows Of More Than 1 Million Ounces Over The Past Seven Trading Days, The Highest Level Since October 2022. During The Same Period, U.S. Bitcoin ETFs Saw Inflows Of $2 Billion. Meanwhile, The IShares Bitcoin Trust Saw Net Inflows Of $1.7 Billion Over The Same Period. Not All Inflows Are Directional Holdings, Though; According To Sui Chung, CEO Of Crypto Index Provider CF Benchmarks, 60% Of Recent Inflows Are Directional Holdings, While The Other 40% Consists Of Underlying Trades
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