💰 Gate.io Daily Topic & Post Event
➡️ #BitcoinStrategicReserveAct#
— On May 7, New Hampshire became the first U.S. state to include Bitcoin in its strategic reserves. The new HB 302 bill allows up to 5% of public funds to be invested in digital assets and precious metals with a market cap over $500B.
Will this boost Bitcoin’s price? Could it set a trend for other states or countries? Share your thoughts!
➡️ #FOMCMeeting#
— The Fed will announce its May rate decision on May 8. Despite pressure to cut, markets expect no change. How do you think this will impact the market?
✍️ Post with #Bitcoin
Is Bitcoin following gold? The analyst sets a medium-term target at $155,000
As gold continues to set new record highs (ATH) — trading at $3,333 an ounce at time of writing — Bitcoin (BTC) has seen quieter price action, consolidating in its mid-$80,000 range. However, analysts say the leading digital asset could soon reflect gold's recent momentum. Is Bitcoin about to follow gold? In a recent post on X, cryptocurrency trading account Cryptollica hinted that BTC may be about to repeat gold's historic price movements of the past few months. The account shared the following chart, highlighting the striking similarities between the price movements of gold and BTC.
The chart shows that both gold and BTC form macro bottoms around the beginning of 2023, followed by a rejection at the top of the range in early 2024. Gold eventually exploded in the following months, while BTC slowed slightly, exploding around November 2024. According to Cryptollica, BTC now appears to be exiting a consolidated wedge pattern, with a potential mid-term target of up to $155,000. Currently, Bitcoin's ATH is $108,786, which was recorded earlier this year in January. BTC is also likely to benefit from a number of favorable macroeconomic trends. For example, the global M2 money supply is expected to increase by 2025, a development that typically supports risky assets such as Bitcoin. BTC is maturing as a safe-haven asset In addition to technical chart patterns, BTC has demonstrated significant resilience amid global uncertainty caused by escalating tariffs. According to the latest report by The Week On-Chain, both gold and BTC perform well in the ongoing tariff war. The report notes: Amidst this turbulent situation, the performance of hard assets remains impressive. Gold continued to move higher, reaching a new ATH of $3,300, as investors fled to traditional safe-haven assets. Bitcoin was initially sold at $75,000 alongside risky assets, but has since recovered the week's gains, trading back at $85,000, which has been flat since this volatility. The report also mentions that BTC recently experienced its biggest price correction of the 2023–25 cycle, down -33% from ATH earlier this year. However, this correction is still relatively modest compared to corrections in previous market cycles. The following chart illustrates the corrective decline of the BTC bull market since 2011. As shown, the recent -33% correction was the shallowest in previous cycles, with the deepest being -72% in the 2012–14 bull market.
While BTC continues to show signs of maturity as a reliable asset in times of geopolitical uncertainty, institutional investors seem to be profiting. This is evidenced by the recent outflow of funds from Bitcoin (ETF) exchange-traded funds. At press time, BTC is trading at $84,694, up 0.7 percent over the past 24 hours.