CandleFocus Bitcoin Hits Milestone vs. Gold as Cycle Pattern Flags $120K by Year-End: Van Straten
2024-12-05
Author: Content Editor
The Federal Reserve Chair, Jerome Powell, stated that Bitcoin is not a competitor to the US dollar but rather to gold. Bitcoin reached a record high of $104,000 and is also at an all-time high when priced in gold, surpassing resistance levels against the precious metal. It has also set records against silver and the S&P 500. With a market capitalization over $2 trillion, Bitcoin aims to surpass the market caps of Google and Amazon. The cryptocurrency has seen a significant increase of 132% in 2024 and has the potential to reach a price target of around $120,000 based on previous cycles.
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