Bitcoin Surpasses $41,000 as Gold Price Hits New All-Time High

The price of gold crossed a new all-time high, surpassing the significant level of $2,100 during the Asian session on Monday, December 4. Meanwhile, Bitcoin (BTC) also surpassed $41,000 for the first time in 19 months.

BTC/USD (blue) versus gold price (orange) Source: Tradingview

Bitcoin price exceeds $40,000… and $41,000

Bitcoin made a triumphant return to the $40,000 threshold, a figure not seen since the highs of April 2022. This included a rapid 2% jump over 24 hours, marking a 19-month high for the cryptocurrency.

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Additionally, Bitcoin is up over 140% year to date.

Information provided by Markus Thielen, head of research at Matrixport, suggests an even brighter future. Against the backdrop of historical trends in post-bear bull cycles and upcoming Bitcoin halving events, projections place Bitcoin at over $60,000 by April of next year and as high as 125 000 by the end of 2024.

Related: BTC Price Models Suggest $130,000 Target After Bitcoin Halving in 2024

Such predictions are based on the historical pattern of price rises preceding halving events, with an expected rise of over 200%.

“On the eve of a spot Bitcoin ETF”

Speculative winds are being further fanned by the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States.

With 13 bidders, including industry giants like BlackRock and Grayscale, anticipation is building toward a decision by the Securities and Exchange Commission (SEC).

Bloomberg ETF analysts see a high likelihood of simultaneous approvals for all pending offerings by January 10, which would mark not only a new era of institutional participation and investment in Bitcoin, but likely also an increase in the price of BTC.

“It is very likely that we are on the eve of a Bitcoin spot ETF” commented Bitcoin analyst Willy Woo on X on new gold price highs. “The first commodity ETF was SPDR Gold Trust. This provided investors with an easy way to access gold in their portfolio.

Woo added:

“When it was launched, gold experienced an 8-year rise with no years of decline between 2005 and 2012.”

Therefore, Bitcoin’s latest move above the psychological $40,000 level reflects bullish market sentiment fueled by the likely approval of a spot Bitcoin ETF in January and the prospect of regulatory advancements in general. At the same time, the Bitcoin halving should only provide additional tailwinds to the BTC price over the next five months.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.