$2,400 Gold Will Come By 2023, Bitcoin Drop To $10,000 Is ‘More Likely’ Than Rally

Precious metals and bitcoin have reached pivotal “breakout” points and are about to take another major step, according to Patrick Cream and Kevin Wadsworth, technical analysts and founders of Northstar & Badcharts.

Karim Wadsworth spoke with David Lane, Kitco news anchor.

As for Bitcoin, the odds are more likely that another downward move will occur before a major bullish rally occurs, Wadsworth said.

“[It is more] Probably [Bitcoin] It will break to the downside and head towards the $10,000 to $12,000 target,” Wadsworth said. “I would estimate the odds that about 70% to 80% we are likely to break down to see these lower lows and about 20% to 30% of a move towards,” he said. upward trend.

Wadsworth said his bullish target for bitcoin would be around the 200-day moving average, near $30K.

“By the time we move to counter that, I think we could be somewhere around $29,000 or $30,000. So that’s the bullish target and that’s higher than I would expect it to get. We may start to run out of momentum before then.”

Gold price targets

Despite rising inflation and geopolitical uncertainty, gold’s performance has held steady this year. However, Karim said that under certain conditions, gold will see a sudden rally. In particular, investors were asked to monitor the gold to silver ratio.

“The ratio of gold and silver is [indicator]If there is a risk, if the market melts or goes up, the gold to silver ratio will go up.

Once the gold to silver ratio drops below a certain level, Karim said, “Silver and gold will outperform US stocks, and silver will outperform gold in the initial stages of the recovery phase for US stocks.”

Wadsworth agreed with Karim’s analysis.

“We are in a sideways trading range for gold at the moment,” Wadsworth said. “The floor is around $1,680, and the top is just under $2,000… as long as we stay in this sideways trading range, I have absolutely no concerns. To me, this is just a stepping stone on the way to much higher values.”

Karim added that if gold could “break through” beyond its $1,800-$2,000 price levels, it would be a “game changer” that could see gold reach new heights.

Ultimately, gold is expected to reach at least $2,400 by 2023, according to Northstar & Badcharts analysis.

To learn more about stock market predictions, watch the video above.

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