Gold has just printed one of the most aggressive moves in its modern history. Looking at the long-term chart shared by Michaël van de Poppe, the structure is hard to ignore. The first major breakout started in 2020.
After a long consolidation, gold has now completed a second leg higher, with the price up more than 100% from its previous base. This is not a slow grind higher. It is a powerful expansion that pushes gold into entirely new territory.
The trend itself still looks clean. The gold price continues to respect its long-term moving averages, and the market is clearly in a higher-high, higher-low structure.
At the same time, the steepness of the most recent move stands out. Moves like this usually do not continue at the same pace forever, even in strong bull markets.
This Is Not Just About Gold
One of the key takeaways from van de Poppe’s view is that gold is not moving alone. Silver and platinum are also on the rise, which indicates a broad-based rally in commodities.
This type of correlated move typically indicates the influence of deeper macro drivers, such as higher inflation, weak currencies, and changes in global liquidity.
Source: X/@CryptoMichNL
Following a rally of such magnitude, a cooling-off period is bound to occur in the markets. Van de Poppe openly states that gold could stall for a long period.
That pause could last 3–6 months, or it could stretch into 1–3 years. Importantly, that does not mean the bull market is over. It simply means the market may need time to digest a move that already delivered a 100%+ gain.
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Why Bitcoin and Altcoins Could Benefit Next
This is where the conversation turns toward crypto. Historically, when defensive assets like gold slow down after a strong run, capital often starts looking for higher returns elsewhere. Those transition phases have frequently been favorable for risk-on assets.
According to van de Poppe, these stalling windows are where Bitcoin and altcoins tend to shine. With gold having just lifted the macro ceiling, the environment may now support stronger upside in crypto markets.
If gold hints at stability rather than a sharp reversal, it creates room for Bitcoin and altcoins to outperform over the next cycle.
The Macro Signal Markets Are Watching
Gold still remains in a strong bull market, but sharp gains are often followed by a period of consolidation. If that becomes the case, it will probably signal a rotation of leadership, not a breakdown.
In this situation, the current rise in gold prices may be remembered as a prelude to the forthcoming surge in Bitcoins, altcoins, and other such assets, rather than the end of the era of risk appetite.
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