The price of gold reaches a new all-time high
The price of gold has surged to a new all-time high, surpassing the significant level of $2,100 during the Asian session on Monday, Dec. 4.
Bitcoin price breaks $40K…and $41K
Bitcoin has made a triumphant return to the $40,000 threshold, reaching a figure unseen since April 2022. The cryptocurrency experienced a swift 2% jump over 24 hours, marking a 19-month peak.
Wild tailwinds for bitcoin:
✅ New ATH in gold
✅ to abolish central bank
✅ Worst bond crash in 250yrs
✅ BTC ETF on the cusp (?)
✅ Real estate trembling
✅ Consumer Tech languishing
✅ Banks shaking
✅ Fed getting ready to pump
✅ Halving in April
✅ Bitcoin L2 is here— Tuur Demeester (@TuurDemeester) December 4, 2023
Furthermore, Bitcoin has risen over 140% since the beginning of the year.
Predictions for Bitcoin’s future
Insights from Matrixport’s research head, Markus Thielen, suggest an even brighter future for Bitcoin. Historical trends and upcoming halving events project Bitcoin to exceed $60,000 by April next year and potentially reach as high as $125,000 by the end of 2024. These projections are based on the pattern of price increases before halving events, with an expected surge of over 200%.
“On the eve of a spot Bitcoin ETF”
The potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States adds to the speculation. With 13 bidders, including industry giants like BlackRock and Grayscale, the anticipation is building for a decision by the Securities and Exchange Commission (SEC). Bloomberg’s ETF analysts see a high probability of simultaneous approvals for all pending bids by Jan. 10. This would mark a new era of institutional participation and investment in Bitcoin, potentially boosting its price.
Bitcoin analyst Willy Woo commented on X about the new highs in gold price, saying, “It’s very likely we are on the eve of a Bitcoin spot ETF.” He compared it to the launch of SPDR Gold Trust, which led to an eight-year rally for gold between 2005 and 2012.
Therefore, Bitcoin’s recent move above $40,000 reflects bullish market sentiment driven by the potential approval of a spot Bitcoin ETF in January and expected regulatory advancements. Additionally, Bitcoin’s halving event is anticipated to provide further support for its price over the next five months.
Hot Take: The future looks bright for Bitcoin
The surge in gold prices and the potential approval of a spot Bitcoin ETF have fueled optimism among crypto investors. With projections indicating significant price increases for Bitcoin in the coming years, reaching as high as $125,000 by 2024, there is growing excitement around its potential as an investment. The upcoming halving event and the possibility of increased institutional participation further contribute to positive market sentiment. As Bitcoin continues to break through key thresholds like $40,000 and $41,000, it solidifies its position as a valuable asset with strong growth potential. Investors should closely monitor regulatory developments and market trends to capitalize on the opportunities presented by Bitcoin’s bullish momentum.
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