Bitcoin Price May Surge if It Closes Above $110K According to Analyst

Recent analysis indicates that Bitcoin has been mirroring Gold's price movements, particularly around their respective all-time highs (ATH). Key points include:

Bitcoin and Gold Price Correlation

Charles Edwards of Capriole Investments noted Bitcoin's consolidation pattern mirrors Gold's structure during its 1980 ATH.
The previous breakout for Bitcoin shows similarities to Gold’s, although Bitcoin's volatility is approximately twice as high.
Current Bitcoin price action appears less favorable compared to Gold at a similar stage in the past.
If Bitcoin follows Gold's trajectory, a significant surge could occur, especially if it closes above $110K.

In related news, data from Sentora reveals control of Bitcoin supply distribution:

Individuals hold 69.4% of Bitcoin supply.
ETFs and funds represent 6.1%.
Businesses own about 4.4%.
7.5% of Bitcoin is lost due to inaccessible keys or being forgotten.

BTC Price Update

Bitcoin is currently trading around $104,200, down over 4% in the past week.