Bitcoin Achieves Milestone Versus Gold, Cycle Patterns Indicate $120K by Year-End: Van Straten

Bitcoin Sets New Record Against Gold, Poised for $120K by Year-End

Bitcoin (BTC) has reached a significant milestone, hitting an all-time high of 39 ounces when priced against gold. This comes just as Federal Reserve Chair Jerome Powell stated that Bitcoin should be viewed not as a competitor to the U.S. dollar, but rather as a competitor to gold.

The cryptocurrency not only surpassed the $100,000 mark, peaking at a new record of $104,000 during Asia’s trading hours, but also broke through its previous resistance level when priced in gold. Bitcoin has also reached all-time highs against silver and the S&P 500, strengthening its position as a dominant asset class.

With its remarkable price action, Bitcoin’s market cap now exceeds $2 trillion, positioning it to challenge companies like Google, which is valued at $2.14 trillion, and Amazon, at $2.29 trillion. If Bitcoin’s price continues to rise and hits $115,000 per coin, it could become the fifth-largest asset in the world.

What does the future hold for Bitcoin?

There are strong indications that Bitcoin is heading toward a bullish end to 2024, and the signs are clear. The cryptocurrency has already surged by 132% this year.

Measuring from the cycle low after the FTX collapse in November 2022, when Bitcoin’s price was around $15,000, the cryptocurrency has grown almost sevenfold. This aligns with Bitcoin’s typical market cycle behavior.

Looking at past cycles, Bitcoin is currently performing between the returns seen in the previous two cycles. If this pattern continues, a price target of $120,000 by the end of the year is highly likely.