Gold Can Hit Up to $23,000 in Eight Years as Bitcoin Stalls

Bitcoin (BTC) stayed trapped below $90,000 at Friday’s Wall Street open as gold and silver approached historic milestones.

Key points:

• Bitcoin fails to shift its sideways trading behavior while gold comes within 2% of $5,000 per ounce.

• Bullish BTC price outlooks become increasingly rare as safe havens outperform.

• Gold snags an unprecedented $23,000 target for the next eight years.

Bitcoin price shies away from breakout moves

Data from TradingView showed stationary BTC price action contrasting more and more with record highs for precious metals.

As traders agreed that new macro lows were on the cards for BTC/USD, upside targets increasingly focused on the 2025 yearly open at $93,500.

“So my bullish outlook still has our going down overall to $75,000 – $70,000 region, but we revisit $100,000 first,” trader Crypto Tony told X followers in his latest analysis. 

Crypto Tony noted that the 2025 starting level coincided with a nearby “gap” in CME Group’s Bitcoin futures, potentially increasing its pull as a price magnet.

“We would only see this happen if we get that leg up to $93,000 to close the CME gap IMO,” he continued.

Earlier, BTC/USD “filled” an open gap at $88,000 before rebounding to current levels, with the only gaps remaining now above the spot price.

Data from monitoring resource CoinGlass showed thickening liquidation levels at $88,300 and $90,100 as the US trading session approached.

“If the $86.8K level is lost and doesn’t get reclaimed quickly after that, I would assume we’ll start to see a test of the lows,” crypto trader, analyst and entrepreneur Michaël van de Poppe wrote in an X update on the day. 

Gold prediction sees $23,000 per ounce

Headlines mainly focused on precious metals as both gold and silver neared the key psychological levels of $5,000 and $100, respectively. 

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XAU/USD reached new highs of $4,967 per ounce overnight, with BTC/XAU barely holding the 18-ounce mark.

While gold’s monthly relative strength index (RSI) values hit their most “overbought” since the 1970s, bullish price forecasts continued to flow.

Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, came out with a giant $23,000 gold price tag.

“We have record high Central bank gold accumulation. China has 10Xed their gold stack in the last 2 years alone,” he wrote in a blog post dedicated to analysis of gold within the current macro landscape. 

Edwards suggested that the current asset bull run could well follow in the footsteps of the greatest periods of expansion over the twentieth century.

“If is, we can expect the gold price to trend to between $12,000 to $23,000 over the coming 3-8 years,” he concluded.