Bitcoin price came close to the mark of 11 thousand dollars per BTC

Soared 9% on Monday, to $10,900 amid a new all-time record for gold prices. The first cryptocurrency traded at such levels in mid-August last year.

The simultaneous rise in the price of gold and bitcoin may suggest that both assets are acting as protective instruments.

"Bitcoin is breaking another correlation: this time with the stock market. Now the benchmark cryptocurrency is switching to precious metals. The sharp rise in demand for , silver and bitcoin reflects the growing anxiety of market participants that the current wave of growth in the stock market may prove to be as deceptive as it was in March," says the FxPro team of analysts.

Many experts have previously spoken about the inevitability of Bitcoin's renewed growth. Three Arrows Capital CEO Su Zhu emphasized back in June that the stock market has strengthened significantly, and following the stock market, capital will inevitably flow into BTC, coinspot writes.

Rob Slamer, an analyst at Fundstrat Global Advisors, stands out among supporters of the optimistic scenario. In his opinion, after the breakthrough above $10,500, a new phase of long-term strengthening of BTC positions will begin. New capital will start entering the cryptosphere, which will allow the coin to reach $13,800.

Trader Adam Mancini also believes that the first cryptocurrency will continue to rally to $15,000, and may even rally to $24,000. Investments in this instrument will increase following the growth of investments in the precious metals market.

Glassnode suggests that bitcoin's current rise above $10,000 will be different from the last two. Bitcoin has reached $10,000 several times in 2020 along with a rise in Glassnode's metric called Bitcoin Days Destroyed. However, this time, experts did not see an increase in the metric.

"To confirm bullish sentiment, bitcoin needs to consolidate at these levels and rise above $11,000. This alone will stop investors from profit taking. However, one should be very cautious about the current growth of the crypto market, as none of the global players can guarantee any lasting trends," FxPro warned.