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Recently, both BTC and gold showed a sharp decline. An ounce of gold is changing hands at $1,741 at the time of writing. BTC, on the other hand, is trading at $ 42,482. So, which way will the direction shift in these two assets, which are seen as a store of value? Investment advisory firm TheTechnicalTraders. com chief market strategist Chris Vermeulen has suggested that gold and Bitcoin will go through further price consolidation before hitting all-time highs. Cryptocoin. com

As , we share the strategist’s predictions…

2022 forecast for gold from Vermeulen: $2,600

Chris Vermeulen, in a recent interview, stated that gold offers a very strong bullish pattern, while clarifying that the precious metal is looking for a strong base. He believes the precious metal will do well in 2022 as he thinks it will rise towards $600. Vermeulen states that the precious metal is suitable for investment but is not a good trading tool at the moment and uses the following statements:

I don’t think it will hit new highs this year, but I do think gold is trying to build a base. I think it will try to stay in a range here before the end of the year $1,700 and $2,000. The coming may be a very big year for gold.

Cryptocoin. com, Vermeulen explained this by saying, “wait for pain before big gains”. While the precious metal, which has changed hands at $1,741 at the time of writing, is trading within the range indicated by the strategist, a rise of almost $900 by 2022 is required for his forecast to fully hold.

Strategist: “Bitcoin needs a lot of time before the next peak”

The strategist stated that the biggest cryptocurrency will go through a series of rallies and consolidations in the coming months before reaching a new high. Vermeulen states that the asset needs a lot of time and it may take at least a year to reach a new record price. While Bitcoin has experienced high volatility in recent weeks, Vermeulen said that the asset is currently stuck in a huge range that acts as the impetus for the next peak.

He noted that BTC could remain under sideways trading for an extended period of time, potentially taking several months. Amid the uncertainty, Vermeulen predicted a drop between $21,000 and $16,000 for Bitcoin. He also acknowledged that Bitcoin should make another major leap soon. Alongside this, the strategist stated that BTC will mimic the price trend from $20,000, the old all-time high set in 2017. Finally, the strategist set the next record price target at $90,000.


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Michael Lewis

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