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/XAt 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/XAt 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
