A closely followed analyst believes that gold’s bull market has entered a stage where the precious metal could go higher for longer.
Pseudonymous analyst Dave the Wave tells his 149,500 followers on the social media platform X that gold is at a point in its parabolic rally where the precious metal could easily print 2x gains.
The trader shares a chart suggesting that gold’s parabolic surge began in 2016 and could extend up to 2028 to hit a massive price target of $7,500.
“Gold entering its parabolic blow-off stage…”
Source: Dave the Wave/X
At time of writing, gold is worth $3,341.
Turning to Bitcoin, the analyst thinks that BTC is following in the bullish footsteps of gold after the crypto king took out resistance at $90,000.
“BTC is showing strength in uncertain markets due to its function as digital gold, in my opinion.”
Source: Dave the Wave/X
At time of writing, Bitcoin is trading for $93,559, up over 7% in the last 24 hours.
Other market analysts are also bullish on gold and Bitcoin. Adam Kobeissi, the founder and editor-in-chief of The Kobeissi Letter, says that both BTC and gold are surging higher as market participants rush to seek shelter in safe-haven assets.
“Gold and Bitcoin are now aligning for the first time in months.
Since April 7th, Gold is up over 15% while Bitcoin is up over 12%.
Why is this happening?
Markets are pricing-in US Dollar weakness and more instability.
Bonds are no longer a preferred safe haven.”
Source: The Kobeissi Letter/X
Generated Image: DALLE3
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