Bitcoin remains below $90,000 amidst rising records for gold and silver, which has prompted a long-term forecast of $23,000 for gold.

Key Points:

• The price of Bitcoin continues to drift sideways while gold approaches $5,000 per ounce.
• Optimistic price forecasts for Bitcoin are becoming rare as safe assets see better performance.
• Gold targets a remarkable $23,000 in the coming eight years.

Bitcoin Shows Little Movement

Data from TradingView indicates Bitcoin’s stagnant price movement while precious metals achieve record highs.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

Traders agree that new macro lows are likely for BTC/USD, with focus shifting to a target of $93,500 for the end of 2025.

Crypto trader Crypto Tony projects a potential dip to the $70,000 range but believes Bitcoin may hit $100,000 beforehand. He cites a CME Group’s Bitcoin futures gap as a price influence.

“A tap of $85,000 would present the best long opportunity. IF WE HOLD.”

BTC/USDT perpetual contract one-day chart. Source: Crypto Tony/X

Traders should exercise caution; losing the $86.8K support could push Bitcoin toward lower levels.

“On the other hand, a crucial level is found at $91K. Break that & we’ll see a strong surge.”

BTC/USD one-day chart. Source: Michaël van de Poppe/X

Gold Reaches $23,000 Target

With precious metals gaining attention, gold is nearing significant levels along with silver.

Currently, XAU/USD has surged to $4,967 per ounce, while BTC/XAU hovers around 18 ounces per Bitcoin.

Gold’s strong performance is backed by a bullish forecast of $23,000 coming from Charles Edwards, founder of Capriole Investments. He attributes his outlook to unprecedented central bank gold accumulation and inflation rates.

“We have an incredible 10.5% fiat money supply inflation per year, ratcheting up asset prices.”

Gold demand data. Source: Capriole Investments/Substack

Edwards believes the gold price could surge between $12,000 and $23,000 within the next 3-8 years.