Source: BombThrower.com
Bitcoin and gold are both signalling the end of the monetary order
Earlier this year having digested a steep correction after the spot ETF approvals, Bitcoin put up a fresh all-time high, which was anomalous, because the halving was still coming. In past cycles new ATH’s weren’t achieved until after the halving, by a few months at least.
This time, we put up a new one (two back-to-back’s, actually) before the halving event, but pulled back right away and until fairly recently, BTC was chopping sideways in a band which Bitcoiners have been calling “chopsolidation” (could be @Checkmatey who coined that phrase).
Gold, for it’s part had been demonstrating a similar pattern, albeit over longer waves. When the yellow metal notched a fresh ATH in December, 2023 I ended up looking at the dynamic over on DollarCollapse:
From gold’s 1980 high at $800/oz, it took 28 years to hit another one. Once into the post-GFC era it also struggled – each new ATH portending a possible multi-year pullback and consolidation. When gold peaked in 2011 after its post-GFC run, it marked the beginning of a decade-plus phase of “chopsolidation” for it:
It took over eight years for gold to surpass its 2011 high, and over three more years beyond that to do it again in late 2023.
In 2024, gold switched gears – putting up a successive stream of new all time highs (well over thirty time by now) and is in another undisputed bull market (and it still won’t have surpassed it’s 1980 highs in inflation adjusted terms until somewhere north of $3,000/oz).
Gold has entered “up-only” mode.
And now, seemingly catalyzed by the historic, blowout landslide the US election, Bitcoin has also gone into “up-only” mode:…