What to know:
- Bitcoin priced in gold hit 39 ounces, an all-time high.
- Bitcoin is following a four-year cycle, which would place an end-of-year target of around $120,000.
As a seasoned researcher with over two decades of market analysis under my belt, I have witnessed many bull and bear markets. However, the meteoric rise of Bitcoin (BTC) this year has left even this old dog awestruck. The recent surge to an all-time high of $104,000, not just in U.S. dollars but also against gold, silver, and the S&P 500, is nothing short of remarkable.
Yesterday, Federal Reserve Chair Jerome Powell stated that Bitcoin (BTC) serves as more of a rival to gold rather than the U.S. dollar.
During Asia trading hours, the leading cryptocurrency by market value surpassed $100,000, peaking at an unprecedented $104,000. Moreover, it achieved a new high when valued in gold, equivalent to approximately 39 ounces, shattering the final barrier for that particular trading pair. Additionally, it set new records against silver and the S&P 500 as well.
Bitcoin’s current price movement indicates that it has entered the exclusive $2 trillion asset class. Its ambition is to surpass the market capitalizations of Google (GOOG) at $2.14 trillion and Amazon (AMZ) at $2.29 trillion, which would position it as the fifth-largest global asset. This could occur if the price per token reaches $115,000.
Where to from here?
2024 is shaping up to have a very optimistic outlook for Bitcoin, as it has surged by 132% this year alone. After all, who can argue with such impressive gains?
Starting from the cryptocurrency’s lowest point during the FTX exchange collapse in November 2022, when its value was approximately $15,000, Bitcoin has seen a nearly seven-fold increase since then.
In simpler terms, if we compare the current Bitcoin cycle with the previous two, Bitcoin’s performance is roughly midway. If it continues to follow a similar pattern, a potential price of approximately $120,000 per token could be expected by the end of this cycle.
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2024-12-05 14:43