Bitcoin Reaches Historic High Against Gold as Analysts Predict $120K by Year's End
Bitcoin's value, measured in gold, has soared to an unprecedented 39 ounces, leading analysts to forecast a significant price spike by the year's conclusion.
What You Should Know
- Bitcoin's price in gold has hit an all-time high of 39 ounces.
- Analysts suggest that Bitcoin could reach around $120,000 by the end of the year, in line with its historical four-year cycle.
Bitcoin (BTC) reached a staggering value of over $100,000 during trading hours in Asia, peaking at a record $104,000. It's notable that Bitcoin's worth against gold has also broken records, now standing at 39 ounces, surpassing the previous resistance levels. Furthermore, Bitcoin has achieved new highs against other assets such as silver and the S&P 500.
The recent price actions indicate that Bitcoin has become over a $2 trillion asset class, with an aim to surpass major corporations like Google (GOOG) and Amazon (AMZ), which have market capitalizations of $2.14 trillion and $2.29 trillion, respectively. Achieving a price of $115,000 would position Bitcoin as the fifth-largest global asset.
Future Projections
Multiple indicators point to a bullish outlook for Bitcoin as we approach the year's end, especially given its 132% growth in 2024. From its lowest point during the FTX collapse in November 2022, when it hovered around $15,000, Bitcoin's value has surged nearly sevenfold.
Historically, when measuring Bitcoin's performance relative to previous cycles, the current trajectory suggests a probable $120,000 price target by year-end.
