$2,400 Gold Will Come By 2023, Bitcoin Fall To $10k Is ‘More Likely’ Than A Rally
Precious metals and Bitcoin have reached key “breakout” points and are on the verge of another big move, according to Patrick Karim and Kevin Wadsworth, technical analysts and founders of Northstar & Badcharts.
Karim and Wadsworth spoke with David Lin, Anchor for Kitco News.
For Bitcoin, the odds are more likely that another move down will occur before a significant bull rally takes place, Wadsworth said.
“[It is more] likely so [Bitcoin] going to break to the downside and go down towards that $10,000 to $12,000 target,” Wadsworth said. “I would estimate the odds to be about 70% to 80% likely that we break down to see these lower lows and about 20% to 30 % to go to the upside,” he said.
Wadsworth said his upside target for Bitcoin would be around the 200-day moving average, around the low $30,000s.
“When we move up to meet that, I guess we could be somewhere around $29,000 or $30,000. So that’s the upside target, and that’s the highest I expect to get. We may well start to run out of momentum before then, he said.
Gold price target
Despite high inflation and geopolitical uncertainty, gold performance has been flat this year. However, Karim said that under certain conditions, gold will experience a breakout rally. In particular, he asked investors to look at the gold-silver ratio.
“The gold-silver ratio is one [indicator]where if there is risk, if the market melts down or a peak, the gold-silver ratio will increase, he said.
When the gold-silver ratio goes below a certain level, Karim said that “silver and gold will outperform US stocks, and silver will outperform gold in the initial parts of the recovery phase for US stocks.”
Wadsworth agreed with Karim’s analysis.
“We are in a sideways trading area for gold at the moment,” Wadsworth said. “It has a floor around $1,680, and the top is somewhere just below $2,000… as long as we stay in that sideways trading range, I have no concerns whatsoever. To me, this is just staging on the way to much higher values.”
Karim added that if gold can “break out” beyond the $1,800 to $2,000 price levels, then it would be a “game changer” that could see gold reach new highs.
Ultimately, gold is poised to reach at least $2,400 by 2023, according to Northstar & Badcharts’ analysis.
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