As the end of 2024 nears, BTC price trend gains momentum. Crossing new resistances and preparing for a massive breakout run, Bitcoin targets a dominant rally in the six-digit price realm.
With Bitcoin BTC $92 553 24h volatility: 1.6% Market cap: $1.85 T Vol. 24h: $46.24 B reaching a new all-time high, the crypto total market cap peaked at $3.67T. As the buying pressure over the weekends drives to new peaks, the bulls are preparing to enter unchartered price levels.
Amid the recovery run, the altcoins are gaining speed, with Ethereum ETH $3 383 24h volatility: 0.3% Market cap: $410.01 B Vol. 24h: $30.34 B price exceeding $4,000. As the bullish pressure grows, the Bitcoin to Gold price gap grows.
Bitcoin Is Now Worth ~40 Oz of Gold
As Bitcoin records a new all-time high, the BTC-to-gold ratio has hit a new peak. In a significant milestone for Bitcoin dominance, the ratio has reached 40.04. This means nearly 40 ounces of gold are required to exchange for a single Bitcoin.
In a recent tweet, Peter Dant, an independent and well-known chart trader, highlighted the new all-time high for the Bitcoin-to-gold ratio. The massive rally and incredible short-term surge have registered a price jump of more than 10% over the past five days.
Peter Brandt’s chart analysis highlights the breakout of an inverted head-and-shoulder pattern, suggesting a target for the Bitcoin-to-gold ratio at 89.33. This means the value of a single BTC could be worth 89 ounces of gold in the future, underscoring its rising dominance over traditional assets.
Bitcoin ETFs to Surpass Gold amid US BTC Reserve Chances
In a recent tweet, HODL 15 Capital shared that BlackRock’s iShares Bitcoin ETF (IBIT) has become the second-best-performing US ETF. This milestone further validates the institutional interest in Bitcoin as an asset class.
With assets under management (AUM) worth $54.983B, IBIT has surpassed iShares Gold Trust, which manages $34.205B. Second only to SPDR Gold Shares (GLD), with an AUM of $75.535B, IBIT has grown by an impressive 117.5% year-to-date. This reflects Bitcoin’s emergence as the preferred investment over traditional gold-backed ETFs.
The total net assets under the 12 US spot BTC ETFs have reached $114.97B, with a weekly net inflow of $2.17B. This continuous inflow highlights the increasing confidence in BTC ETFs among institutional investors.
In a recent CNBC interview, former President Donald Trump announced plans to create a Bitcoin strategic reserve, comparing it to the US oil reserve. Trump stated:
“We’re gonna do something great with crypto because we don’t want China or anyone else getting ahead.”
This comes as part of a broader initiative to position Bitcoin as a strategic asset.
Bitcoin Channel Breakout Targets $108K
Bitcoin’s price trend in the 4-hour chart shows a growing rally within a rising channel pattern. With a bearish reversal from the overhead trendline, the BTC price struggles for a breakout rally.
Currently, BTC price forms a bearish 4-hour candle after nine consecutive bullish candles. Despite the short-term supply surge near the trendline, the positive trend in the MACD and signal reveals underlying strength.
Furthermore, continued support from the ETFs could fuel the bull run. In such a case, a breakout rally could reach the R1 pivot resistance level at $108,301. On the flip side, the crucial support level at $101,275 remains strong.
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