An influential analyst is optimistic about the current bull market in gold, suggesting that the precious metal could continue to rise for an extended period.
Known as Dave the Wave on the social media platform X, the analyst with 149,500 followers believes that gold is in a parabolic rally phase where it could potentially see a 2x increase in value.
Sharing a chart link, Dave the Wave indicates that gold’s parabolic surge began in 2016 and could reach a staggering price target of $7,500 by 2028.
“Gold is entering its parabolic blow-off stage…”
As of the current writing, gold is valued at $3,341.
Shifting focus to Bitcoin, Dave the Wave also sees bullish momentum, stating that BTC is mirroring gold’s positive trend after breaking through the $90,000 resistance level.
“BTC is displaying strength in uncertain markets as a digital gold, in my view.”
At the time of writing, Bitcoin is trading at $93,559, marking a 7% increase over the past 24 hours.
Other market analysts, like Adam Kobeissi from The Kobeissi Letter, are also optimistic about the outlook for both gold and Bitcoin. Kobeissi notes that investors are turning to these assets as safe havens amid market uncertainties.
“Gold and Bitcoin are now moving in sync after months of divergence.
Since April 7th, Gold has surged by over 15% while Bitcoin has seen a 12% increase.
What’s driving this trend?
Markets are factoring in a weaker US Dollar and increased instability.
Bonds are no longer the preferred safe haven option.”
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