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Bitcoin Could hit $50K as Gold Leads the Way

Bullet Points:
• Bitcoin BTC price performance may hit a new magnet above the $50,000 mark if gold continues to be a trendsetter.
• A chart compared BTC/USD to gold versus the US Dollar Index (DXY), suggesting that gold is frontrunning Bitcoin in terms of its recovery.
• The correlation between gold and Bitcoin is now practically 100%.

The cryptocurrency market is always on the move, and Bitcoin has been no exception. This week, the flagship cryptocurrency made a run for the $50,000 mark, with many analysts predicting it will reach this price point in the near future. But could it be that gold is playing a role in pushing Bitcoin’s price up?

Recent analysis from popular trader and market commentator TechDev suggests that Bitcoin could reach the $50,000 mark if gold continues to be a trendsetter. In a tweet, TechDev presented a chart comparing BTC/USD to gold versus the US Dollar Index (DXY). The chart suggests that gold is frontrunning Bitcoin in terms of its recovery, hinting that BTC/USD could get sucked toward $50,000 like a magnet if it continues to follow gold.

The correlation between gold and Bitcoin is now practically 100%, according to TechDev. This means that when gold prices rise, Bitcoin prices tend to rise as well. TechDev’s analysis suggests that if the trend continues, Bitcoin could be in for a major surge in the near future.

Of course, this is all speculation for now. But if the trend does continue, it could be a major boon for Bitcoin and the entire cryptocurrency market. With gold continuing to be a trendsetter, it’s possible that Bitcoin could reach the $50,000 mark sooner rather than later. But only time will tell.