Gold prices hit a new all-time high in the Asian session on Monday, December 4, surpassing a respectable $2,100 level. Meanwhile, Bitcoin (BTC) also surged above $41,000 for the first time in 19 months.
Bitcoin price surpassed $40,000 and $41,000.
Bitcoin triumphed at the $40,000 threshold, a figure not seen since the April 2022 high. This included a sharp 2% jump in 24 hours, hitting a 19-month high for the cryptocurrency.
Strong Tailwinds for Bitcoin:
✅ New ATH for Gold
✅ Abolish central banks
✅ Worst bond collapse in 250 years
✅ BTC ETF plummets(?)
✅ Real estate is shaking
✅ Downturn in consumer technology
✅ Banks are shaking
✅ Yeonjun is preparing to pump
✅ Halving in April
✅ Bitcoin L2 released— Tuur Demeester (@TuurDemeester) December 4, 2023
Moreover, Bitcoin is up more than 140% since the beginning of the year.
Insights from Markus Thielen, Head of Research at Matrixport, point to a much brighter future. Against the backdrop of historical trends of bear market followed by bull cycles and the upcoming Bitcoin halving event, the Bitcoin price is expected to exceed $60,000 by April next year and rise to $125,000 by the end of 2024.
Related: BTC Price Model Hints $130,000 Target After Bitcoin Halving in 2024.
These forecasts are based on historical price growth patterns prior to the halving, with a surge of over 200% expected.
“Right before the launch of Bitcoin ETF”
Speculative winds are further fueled by the possibility of spot approval for Bitcoin exchange-traded funds (ETFs) in the United States.
Expectations are growing for the Securities and Exchange Commission’s (SEC) decision, with 13 bidders participating, including industry giants such as BlackRock and Grayscale.
Bloomberg ETF analysts see a high likelihood of simultaneous approval for all pending bids by Jan. 10. Not only does this signal a new era of institutional participation and investment in Bitcoin, but it is also likely that BTC prices will rise.
“It’s very possible that we’re on the verge of a Bitcoin spot ETF.” Bitcoin analyst Willy Woo comments on new highs in gold price on X. “The first commodity ETF was the SPDR Gold Trust. “This provided a simple way for investors to access gold in their portfolios.”
Wu added:
“When gold was launched, it went on an upward trend for eight years, from 2005 to 2012, without a single year of decline.”
Therefore, Bitcoin’s recent move above the psychological $40,000 level reflects bullish market sentiment, driven by the potential approval of a spot Bitcoin ETF in January and the prospects for overall regulatory improvement. Meanwhile, Bitcoin’s halving event is expected to provide an additional tailwind to the BTC price over the next five months.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.