According to a widely-followed crypto analyst, recent price movements are aligning with technical models that have been in place for years. This indicates a strength of gold as well as structural support for Bitcoin.
Dave the Wave, a crypto market analyst on X tells 152,000 of his followers that a Fibonacci price target has been met for the gold in U.S. dollar and that the metal is still capable to advance towards $8000.
“Gold/USD. “Gold/USD” Fib Target from Way Back Hit… Capable of Running to 8K …”
Fibonacci ratios are mathematical formulas that traders use to determine potential targets for price based on previous market movements.
Dave the Wave highlights the ratio of silver to gold, which is a measurement of the number of ounces needed for one ounce gold. The ratio trend, which began in 2020 and has now reached about three quarters of its completion, is still on track. This indicates that the trend will continue to align with long-term metals trends.
The gold/silver ratio is on track to be at the target level by 2020. The next 3/4 of the way is …”
He says that the peak Bitcoin prices of five years ago are now within an accumulation zone for long term defined by a linear growth curve.
The model uses a logarithmic scaling to show the slowing of growth over time. It is more useful for identifying broad price support zones than specific price targets.
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The post This Post Trader Says gold can run to $8000, rules out a deep bear market for bitcoin – Here is His Outlook will be updated as new information becomes available.
