• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Gold Futures Projects Bitcoin Price 350% Higher in Roughly 378 Days

Davit Babayan by Davit Babayan
2 years ago
in Bitcoin, Cryptocurrency news, Technical analysis
Reading Time: 2min read
Gold Futures Projects Bitcoin Price 350% Higher in Roughly 378 Days
Advertisement
Nexo Logo
Listen to Article

There is a strong possibility that the bitcoin price would surge by 350 percent in roughly 378 days, according to past trend behavior noted in the Gold Futures market.

Cryptocurrency management firm Trading Shot found striking similarities between the Gold Futures (COMEX) and the Bitcoin spot market. The firm noted that bitcoin’s 2017 surge towards its historical high at $20,000 looked very similar to the Gold Futures’ bullish performance between July 1976 and January 1980. Moreover, their expected bearish corrections also trended hand-in-hand, as shown in the chart below.

Bitcoin
Gold Futures and Bitcoin Price Comparison | Source: Trading Shot

Interim Projection

bitcoin
Bitcoin Death Cross | Source: Trading Shot

Trading Shot projected bitcoin’s latest Golden Cross formation as a turning point, stating that the price “will continue to rise towards new all-time highs aggressively.” At the same time, the firm reminded that bitcoin could go through a brief pullback even after forming a bullish Golden Cross. It made the argument based on bitcoin price action in 2015, in which the market built a death cross just two months after forming a Golden cross.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

“It is obvious that Bitcoinis trading on an important crossroad with various conflicting short term (because long term it is as good of an investment as any) signals. What is also obvious though, is that if Bitcoin continues to follow Gold’s early 2000s price action, and more particularly it’s Golden Cross, then it will continue to aggressively rise towards new All-Time Highs without any last pull back as it did in 2015.”

Studying Gold Futures Upside

Gold Futures
Gold Futures Recovery | Source: TradingView.com

From the day the Gold Futures formed a Golden Cross, the price corrected upwards by more than 350 percent – from $429.5 to $1929.7. The derivative achieved the bull target in 31 years and six months.

Realizing bitcoin’s lifespan so far is shorter than that of Gold, and that its market is more volatile too, Gold’s one month can be termed as bitcoin’s one day. It is, of course, pure speculation (the relationship between the price and their time-based output can change dramatically).

That said – the rough estimation of 31.5 years for bitcoin comes out to be 378 days (taken from Gold Futures’ 378-month long bull bias). At the same time, the price target for bitcoin in 378 days after the bull cross confirmation comes near $18,539. There is, of course, a possibility of a death cross formation as stated above, which would mean resetting the 378-day timer upon forming the next Golden cross formation.

“Gold gave investors many similar buy signals throughout 1999 – 2003 at the end of its last bear cycle, just as Bitcoin is giving since last December,” stated Trading Shot. “Investors who ignored those and failed to buy Gold during the late 90s have missed a great opportunity, which has never come back. Investor psychology during market cycle’s can be identical throughout very different financial assets.”

Tags: bitcoin
TweetShare
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Davit Babayan

Davit Babayan

Davit Babayan is an Armenia-based expat balancing the academic life of a software design engineer with the experiences of a financial technology journalist. He aspires to be a full-time columnist and wants to write a book that would be called, "A Homeless Who Found Bitcoin."

Related Posts

etoro

eToro Nudges Investors Towards Crypto Trading as They Consider Portfolio Diversification

6 hours ago
Ripple (XRP)

Charted: Ripple (XRP) Surges 15%, Why The Bulls Are Back In Control

8 hours ago
Ethereum

TA: Ethereum Smashes Key Resistance: Why ETH Could Rally To New ATH

10 hours ago
Bitcoin

TA: Bitcoin Remains At Risk, Why $38K Holds The Key For Fresh Surge

12 hours ago
xrp ada salt crypto

XRP At Risk Of Falling Out Of Crypto Top Five For First Time Since 2013

20 hours ago
Bitcoin

Altcoins Fly as Bitcoin Ranges: What Analysts Think Comes Next for BTC

24 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

AC Milan to Join Sports Crypto Movement With Launch of $ACM Fan Token

January 19, 2021

Institutional-grade Crypto Exchange AAX Reports Record Fiat-Crypto Purchases in 2021

January 19, 2021

Robonomics Winter School 2021 Master Classes And Lectures Open For Attendees

January 18, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.