Bitcoin Marks Key Milestone Against Gold, With Cycle Forecasts Pointing to $120K by Year-End: Van Straten

Bitcoin Reaches Record High Against Gold and Eyes $120K by Year’s End

Bitcoin (BTC) has set a new all-time record, hitting 39 ounces when priced in gold. This milestone comes just days after Federal Reserve Chair Jerome Powell stated that Bitcoin is not in competition with the U.S. dollar, but rather with gold.

In addition to surging past $100,000 during Asia’s trading hours, peaking at an impressive $104,000, Bitcoin has also broken through the previous resistance level against gold, establishing a fresh all-time high. Bitcoin has also achieved record highs against both silver and the S&P 500 index, reinforcing its position as a significant global asset.

As a result, Bitcoin’s market capitalization now exceeds $2 trillion, positioning it within reach of surpassing tech giants like Google, which is valued at $2.14 trillion, and Amazon, which has a market cap of $2.29 trillion. If Bitcoin continues its upward momentum and hits $115,000 per coin, it would become the fifth-largest asset in the world.

Where could Bitcoin go from here?

Several key indicators point toward a highly bullish finish for Bitcoin in 2024, and it’s easy to see why. The cryptocurrency has already gained 132% this year.

Looking back at the cycle low after the FTX collapse in November 2022, when Bitcoin’s price was around $15,000, it has risen nearly sevenfold since then. This aligns with Bitcoin’s typical market behavior during past cycles.

By comparing this cycle to the previous two, Bitcoin is currently in between the returns of those cycles. If Bitcoin continues this trend, a price target of $120,000 per coin by the end of the year is highly likely.