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New highs for Bitcoin and Gold in sight after more consolidation, says market strategist

New highs for Bitcoin and Gold in sight after more consolidation, says market strategist

The chief market strategist of investment advisory firm TheTechnicalTraders.com Chris Vermeulen has suggested that Bitcoin and gold will undergo further price consolidation before hitting a new all-time high. 

Speaking to Kitco News, Vermeulen indicated that gold has presented a very strong bullish pattern while clarifying that the precious metal is looking for a strong base. 

He projects that gold will have a good 2022 since it’s working towards the $2,600 mark. Vermeulen notes that the precious metal is suitable for investment but not a good trade tool at the moment. 

“I don’t think it’s going to break out to new highs this year, but I think gold is trying to put in a base. I think it’s going to try to range here before $1,700 and $2,000 until the end of the year, and next could be a very big year for gold,” Vermeulen said.

‘Bitcoin needs a lot of time before next high’

On Bitcoin, the strategist stated that the cryptocurrency would undergo a series of rallies and consolidation in the coming months before hitting a new high. Vermeulen notes that the asset needs a lot of time, and it might take at least a year before hitting a new record price.

With Bitcoin experiencing high volatility in recent weeks, Vermeulen said that the asset is currently stuck in a massive range that is acting as a driver for the next high. He stated that the asset might be under a series of sideways trading for a long time, potentially running into several months. 

By press time, Bitcoin was trading at $41,900 after the value plunge over the past week amid an increased regulatory crackdown from China. Amid the uncertainty, Vermeulen projected a downside of $21,000 to $16,000. 

He also acknowledged that Bitcoin needs to record another significant bounce soon. Furthermore, Vermeulen stated that the asset will emulate the price trend from the last significant all-time high of $20,000 set in 2017. The strategist placed the next record price target at $90,000.

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