Bitcoin with pieces of gold
Gold recently hit a valuation of $27 trillion after a parabolic move that made it break $4,000 for the first time in its history.
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Following the rally, a crypto analyst has forecasted on 8 October that Bitcoin could follow soon with a huge price gain leading to $250,000.
The forecast is based on previous cycles where the market movements of gold have directly affected Bitcoin’s price.
Bitcoin going to $250k at least
The analyst draws conclusion from the fact that in previous cycles, money usually flows from gold into Bitcoin following a massive rally like this.
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He expects that even 10% of the $13 trillion gold gained in the last two years could take Bitcoin to at least $250,000 in this bull cycle.
This ignites fresh hopes of a much bigger rally for Bitcoin, as the price of gold hits the top with money potentially flowing back into Bitcoin.
Bitcoin corrected from the new all-time high of $126,000 to be trading currently at $122,700. According to a more recent analysis, the top coin often referred to as digital gold is also breaking out of its consolidation the same way that gold did.
If this $250,000 prediction for Bitcoin will play out, it means investors have yet to see up to 50% of the Bitcoin rally in this cycle.
What this means for altcoins
Bitcoin’s rally usually precedes that of altcoins, and the size of its rally has historically predicted the size of the altcoin rally.
If Bitcoin reaches $250,000 as predicted, altcoins may be getting ready for the biggest altcoin season ever.
This will support the prediction that the upcoming rally will surpass that of 2017 which has been the biggest altcoin rally in the history of crypto.
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