Bitcoin Soars to $42,000 as Gold Hits All-Time High

During Monday, December 4, the Asian session saw the price of gold surpass the crucial $2,100 mark, setting a new record. Meanwhile, Bitcoin (BTC) soared to $42,000 for the first time in 19 months.

Bitcoin has triumphantly returned to the $40,000 mark, a level not seen since April 2022's peak. This included a quick 2% increase in less than a day, indicating the cryptocurrency's 19-month peak.

Furthermore, since the start of the year, Bitcoin has increased by more than 140%.

Markus Thielen, head of research at Matrixport, has insights that point to an even more promising future.

With the backdrop of upcoming Bitcoin halving events and historical patterns of post-bear market bull cycles, projections place Bitcoin at over $60,000 by April of the following year and as high as $125,000 by the end of 2024.

These forecasts, which call for a rise of more than 200%, are based on the historical trend of price increases preceding halving events.

The possible approval of a spot Bitcoin exchange-traded fund (ETF) in the US fuels the speculative winds even more.

There are 13 bidders, including major players in the market like BlackRock and Grayscale, and the Securities and Exchange Commission (SEC) is expected to make a decision soon.

Sources:

https://cointelegraph.com/news/bitcoin-41k-gold-price-new-all-time-high

https://coinmarketcap.com/currencies/bitcoin/

https://twitter.com/TuurDemeester/status/1731481717200810396