Bitcoin price is surging in lockstep with gold as the precious metal hits a new historic high, suggesting investors are preparing for stock market turmoil.
The price of gold has broken through a new all-time high, surpassing the significant level of $2,100 during the Asian session on Monday, Dec. Meanwhile, Bitcoin (BTC) has also surged above $41,000 for the first time in 19 months.
BTC/USD (blue) vs. gold price (orange) Source: Tradingview
Bitcoin price breaks $40K…and $41K
Bitcoin has made a triumphant return to the $40,000 threshold, a figure unseen since the heights of April 2022.
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
What’s more, Bitcoin has now risen over 140% since the beginning of the year.
Insights from Matrixport’s research head, Markus Thielen, suggest an even brighter future. With historical trends of post-bear market bull cycles and upcoming Bitcoin halving events as a backdrop, projections place Bitcoin at over $60,000 by April next year and as high as $125,000 by the end of 2024.
Related: BTC price models hint at $130K target after 2024 Bitcoin halving