Bitcoin Hits Record High Against Gold and Eyes $120K by Year-End
Bitcoin (BTC) has reached a major milestone, hitting an all-time high of 39 ounces when priced in gold. This comes as Federal Reserve Chair Jerome Powell recently remarked that Bitcoin is not in competition with the U.S. dollar, but rather with gold.
Not only did Bitcoin surge past the $100,000 mark during Asia trading hours, peaking at a record $104,000, but it has also set a new high against gold, surpassing the last resistance level for that trading pair. Additionally, Bitcoin has reached new records against silver and the S&P 500, further solidifying its position as a dominant asset class.
With its price action, Bitcoin has now surpassed a $2 trillion market cap, positioning it to challenge major companies like Google, valued at $2.14 trillion, and Amazon, at $2.29 trillion. Should Bitcoin hit $115,000 per coin, it would become the fifth-largest asset in the world.
What’s next for Bitcoin?
There are strong signals pointing to a bullish end of the year for Bitcoin, and it’s easy to see why. The cryptocurrency has already surged 132% in 2024.
Looking at Bitcoin’s cycle history, from the market low following the FTX collapse in November 2022, when its price hovered around $15,000, Bitcoin has increased nearly sevenfold. This trajectory mirrors typical market behavior.
Comparing this cycle to previous ones, Bitcoin is currently performing between the returns seen in the last two cycles. If Bitcoin continues to track in line with these historical cycles, a price target of around $120,000 by the end of the year seems highly plausible.
