The price of gold is nearing the milestone historical high of $4,000, just a few dollars away, as investors flock to safe-haven assets—this trend is also bullish for Bitcoin.
According to TradingView data, gold futures prices hit $4,000 per ounce for the first time during Tuesday's early trading, while spot prices reached a historic high of $3,976.
"Gold has set a new historical record," said gold supporter and Bitcoin critic Peter Schiff on Tuesday. "This clearly warns that the current Federal Reserve policy is wrong," he added, calling for the U.S. central bank to "immediately change course" and raise interest rates.
Gold has performed remarkably this year, soaring over 50% since January 1, driven by escalating geopolitical tensions, trade tariff concerns, global inflation, and the devaluation of fiat currencies.
During the same period, gold's performance has outpaced Bitcoin (BTC), the world's leading digital asset, which has only risen 33.5%. However, Bitcoin's price has been following gold's trend, albeit with a lag, which may indicate a significant rebound by the end of the year.
"The new all-time high in gold shows the demand for scarce assets among investors. From now on, we believe Bitcoin will be the better-performing asset of the two," Henrik Andersson of Apollo Capital told Cointelegraph on Tuesday.
"Gold reaching $4,000 only further confirms the same momentum supporting BTC," added Justin d'Anethan, head of partnerships at the crypto private market company Arctic Digital.
He stated that this is more of a "mutual confirmation," as both assets are responding to the same concerns: uncontrolled U.S. deficits, weakening dollar credibility, and rising geopolitical hedging demand. He added:
Analyst James Bull stated on the X platform that Bitcoin lags behind gold and the global M2 money supply and "should be adjusted."
Last week, analyst and trader Ted Pillows noted that Bitcoin is highly correlated with gold but has an eight-week lag.
He said that as gold hits new highs, Bitcoin will follow, adding, "Perhaps we will see another pullback, but overall the fourth quarter will be significant for Bitcoin."
Last week, Cointelegraph reported that Bitcoin has regained its correlation with gold, with both nearing or having reached historical highs. Bitcoin set a new all-time high of slightly above $126,000 in late trading on Monday.
David Marcus, co-founder and CEO of Litespark and former head of PayPal, compared the two assets on Monday, stating that if Bitcoin were priced according to gold's valuation method, its value would reach $1.3 million.
Related: Standard Chartered: $1 trillion could flow from emerging market banks to stablecoins by 2028
Original article: “Gold is just a step away from $4,000: What this means for Bitcoin (BTC)”
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