Tuesday, 27 February 2024

Crypto News

Bitcoin breaks $41K as gold price reaches new all-time high

Bitcoin breaks $41K as gold price reaches new all-time high

The price of gold has broken through a new all-time high, surpassing the significant level of $2,100 during the Asian session on Monday, Dec. 4. Meanwhile, Bitcoin (BTC) has also surged above $41,000 for the first time in 19 months. 

BTC/USD (blue) vs. gold price (orange) Source: Tradingview

Bitcoin price breaks $40K…and $41K 

Bitcoin has made a triumphant return to the $40,000 threshold, a figure unseen since the heights of April 2022. This included a swift 2% jump over 24 hours, marking a 19-month peak for the cryptocurrency.

What’s more, Bitcoin has now risen over 140% since the beginning of the year.

Insights from Matrixport’s research head, Markus Thielen, suggest an even brighter future. With historical trends of post-bear market bull cycles and upcoming Bitcoin halving events as a backdrop, projections place Bitcoin at over $60,000 by April next year and as high as $125,000 by the end of 2024.

Related: BTC price models hint at $130K target after 2024 Bitcoin halving

Such predictions rest on the historic pattern of price increases preceding halving events, with an expected surge of over 200%.

“On the eve of a spot Bitcoin ETF”

The speculative winds are further fanned by the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States.

With 13 bidders, including industry giants like BlackRock and Grayscale, the anticipation is building toward a decision by the Securities and Exchange Commission (SEC).

Bloomberg’s ETF analysts see a high probability of simultaneous approvals for all pending bids by Jan. 10, which would mark not only a new era of institutional participation and investment in Bitcoin, but likely a boost for BTC price as well.

“It’s very likely we are on the eve of a Bitcoin spot ETF,” commented Bitcoin analyst Willy Woo on X about the new highs in gold price. “The first commodity ETF was SPDR Gold Trust. It provided a simple way for investors to access gold in their portfolio.”

Woo added:

“When it launched, gold went on to an 8-year rally with no single down year between 2005 – 2012.” 

Therefore, Bitcoin’s latest move above the psychological $40,000 level reflects bullish…

Click Here to Read the Full Original Article at Cointelegraph.com News…