The price of gold broke to a new all-time high, surpassing the important level of $2,100 during the Asian session on Monday, December 4. Meanwhile, Bitcoin (BTC) also rose above $41,000 for the first time in 19 months.
The price of Bitcoin exceeds $40,000… and $41,000
Bitcoin made a triumphant return to the $40,000 threshold, a number not seen since the April 2022 peak. This included a rapid 2% jump over 24 hours, marking a 19-month high for the cryptocurrency.
Wild tailwinds for Bitcoin:
✅ New ATH in gold
✅To abolish the central bank
✅ The worst bond crash in 250 years
✅ BTC ETF is on the cusp (?)
✅Real estate trembling
✅ Weak consumer technology
✅ Banks vibrate
✅ The Fed is preparing to pump
✅Half in April
✅ Bitcoin L2 is here
– Tuur Demeester (@TuurDemeester) December 4, 2023
Furthermore, Bitcoin is now up over 140% since the beginning of the year.
Insights from Matrixport’s head of research, Markus Thelen, point to a brighter future. With historical trends of bullish post-bear market cycles and upcoming Bitcoin halving events as the backdrop, forecasts place Bitcoin at over $60,000 by April next year and reaching $125,000 by the end of 2024.
Related: BTC Price Models Point to $130K Target After Bitcoin Halving in 2024
Such forecasts are based on the historical pattern of price increases that preceded the halving events, with an expected increase exceeding 200%.
“Eve Spot Bitcoin ETF”
Speculative winds are further exacerbated by the potential approval of a Bitcoin spot exchange-traded fund (ETF) in the US.
With 13 bidders, including industry giants like BlackRock and Grayscale, anticipation is building toward the SEC’s decision.
Bloomberg ETF analysts see a high probability of simultaneous approvals of all pending bids by January 10, which would not only mark a new era of institutional participation and investment in Bitcoin, but would likely boost Bitcoin’s price as well.
“It is very likely that we are on the eve of creating a Bitcoin ETF.” Comment Bitcoin analyst Willy Wu on X talks about new highs in the price of gold. “The first commodity ETF was the SPDR Gold Trust. It provided a simple way for investors to access gold in their portfolios.
“When it was released, gold continued to rise for 8 years with not a single down year between 2005 and 2012.”
Therefore, Bitcoin’s recent move above the psychological level of $40,000 reflects bullish market sentiment fueled by the potential approval of a spot Bitcoin ETF in January and the likelihood of regulatory progress overall. Meanwhile, the Bitcoin halving event is expected to provide additional tailwinds to the Bitcoin price over the next five months.
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
“Infuriatingly humble alcohol fanatic. Unapologetic beer practitioner. Analyst.”