Gold has been on a tear lately, breaking past its previous all-time high in late Jan. Its momentum has been impressive, with the asset making substantial gains in the first days of Feb, mirroring the 2.2% gains it achieved in the previous week. As of now, gold is trading above $2,900 per ounce, according to Goldprice.org. If it holds this level, it will mark its seventh consecutive week of price appreciation. 

Bitcoin-gold correlation

Both assets have demonstrated correlated patterns in the past, which likely influenced van de Poppe’s projection for a new ATH. However, Bitcoin has remained relatively stable recently, entering an accumulation phase, while gold has been steadily trending upward.

Analyst Daink recently pointed out this trend, noting that, although gold has been pushing new highs, Bitcoin has yet to follow in its footsteps. However, Daink suggests that Bitcoin has historically tended to catch up with gold after such decouplings, meaning BTC may be poised to play catch-up soon. So, van de Poppe’s prediction may come true in the end.