Gold vs. Bitcoin: BTC Eyes New Highs, Can XAUUSD Break Above $3,500?
A break above $115,000 would signal a strong surge in Bitcoin prices and would open the door toward the $250,000 region. The $250,000 level remains the long-term target for Bitcoin.
XAUUSD Holds Range and Prepares for Break Above $3,500
The weekly chart for spot gold shows that the price is consolidating between the $3,200 and $3,500 area. As long as this range holds, the price will likely continue sideways before the next move. Following the breakout from the inverted head and shoulders pattern in 2024, gold has entered repeated consolidation phases before each upward move.
The consolidations in April–May 2024 and November–December 2024 are key examples, as shown in the chart below. Similarly, a strong upward rally will likely follow after the consolidation below $3,500. However, the key support at $3,000 must hold for gold to remain bullish.