Bitcoin Hits Record High Against Gold, Set to Reach $120K by Year-End

Bitcoin (BTC) has hit a new milestone, reaching an all-time high of 39 ounces when priced in gold. Federal Reserve Chair Jerome Powell recently stated that Bitcoin is not a competitor to the U.S. dollar but rather to gold, underlining its growing role as a store of value.

The leading cryptocurrency not only soared past $100,000 during Asia trading hours, peaking at a record $104,000, but it also reached unprecedented levels when priced in gold, breaking through the final resistance point for this trading pair. Additionally, Bitcoin has achieved new records against both silver and the S&P 500, further cementing its status as a major asset class.

Bitcoin’s price surge has propelled its market capitalization to over $2 trillion, positioning it to challenge the likes of Google, which has a market cap of $2.14 trillion, and Amazon, valued at $2.29 trillion. If Bitcoin hits $115,000 per coin, it could become the fifth-largest asset globally.

What’s next for Bitcoin?

Many indicators point to an extremely bullish end to 2024 for Bitcoin, and it’s easy to see why. The cryptocurrency has already surged 132% this year alone.

Looking back at the cycle low following the collapse of the FTX exchange in November 2022, when Bitcoin was priced around $15,000, it has since risen nearly sevenfold. This is consistent with Bitcoin’s typical performance during market cycles.

When compared to previous cycles, Bitcoin is currently performing between the returns of the past two cycles. If this pattern continues, a price target of $120,000 per Bitcoin by the end of the year is highly probable.