Bitcoin Spread Breakout Targets 24 Ounces Amid Bullish Pattern
The Bitcoin to gold spread has been on a wild ride since December 2024 when it reached an all-time high of 41 ounces of gold per $1 BTC. However, after plummeting to nearly 12 ounces in March 2026, the spread may be turning back around.
A bullish W bottoming pattern began to form as Bitcoin's price dropped while gold's price rose dramatically. This pattern completed and broke out earlier this week, breaking through a resistance level at 19.2 ounces.
The measured move for the pattern is to around 24 ounces, slightly below the 24.5 horizontal resistance. Fibonacci extension levels also show extraordinary accuracy with the 0.236, 0.382, and 1.618 levels aligning perfectly with main resistance levels up to 24.5 ounces.
Additionally, the RSI indicator line has broken through a descending trendline that began in March 2024, indicating further upside for Bitcoin's price.