The BTC-gold ratio experienced a remarkable increase of over 10% to 33.33 last week, its best performance in two months. This surge signifies Bitcoin's outperformance relative to gold, marking a breakout from a bullish flag pattern. This breakout suggests a potential climb to 42.00, exceeding the previous high of 40.73. The upward trend emerges from lower levels around 24.85 reached on April 11. Historically, upward movements in this ratio have been driven by significant upticks in Bitcoin's prices rather than declines in gold. Omkar Godbole, a Chartered Market Technician and Co-Managing Editor at CoinDesk, analyzes this data, indicating that previous trends show distinct surges in Bitcoin value during similar circumstances.
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