Bitcoin Reaches New High Against Gold, Eyeing $120K by Year-End
Bitcoin (BTC) has hit a significant milestone, achieving an all-time high of 39 ounces when priced against gold. This milestone follows recent comments from Federal Reserve Chair Jerome Powell, who stated that Bitcoin is not competing with the U.S. dollar, but rather with gold.
The leading cryptocurrency surpassed the $100,000 mark during Asia trading hours, peaking at an all-time high of $104,000. Additionally, Bitcoin has reached new records when priced in gold, breaking through the last major resistance level for this pair. It has also set new highs against silver and the S&P 500, further solidifying its position as a dominant asset class.
Bitcoin’s rapid ascent has pushed its market capitalization beyond $2 trillion, positioning it to challenge industry giants like Google, with a market cap of $2.14 trillion, and Amazon, valued at $2.29 trillion. If Bitcoin continues its upward trajectory and hits $115,000 per coin, it could become the fifth-largest global asset.
What’s next for Bitcoin?
Many market indicators suggest that Bitcoin is on track for a highly bullish end to 2024. The cryptocurrency has already gained 132% this year, signaling strong momentum.
Since the cycle low in November 2022, when Bitcoin’s price was around $15,000 following the collapse of FTX, it has surged nearly sevenfold. This pattern is consistent with Bitcoin’s typical market behavior.
When comparing this cycle to previous ones, Bitcoin’s current performance sits between the returns of the last two cycles. If this trend continues, a price target of $120,000 by the end of the year seems highly achievable.
