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Driven by the Federal Reserve’s interest rate cuts and escalating global tensions, gold prices have recently reached an all-time high. Many experts believe that Bitcoin might follow this trend.
Bitcoin has surged 47% this year, while gold has risen by 27%, making the cryptocurrency market increasingly vibrant. Renowned cryptocurrency expert Michael van de Poppe predicts that Bitcoin’s price could reach between $90,000 and $100,000 by the end of the year. Investors are eager to see how high it can go.
Gold prices have just hit a historic peak, rising 27% year-to-date, with silver also reaching its highest price in over a decade. Following the Federal Reserve’s recent rate cuts, gold prices have surged, making precious metals more attractive to investors.
According to GoldPrice.org, gold prices recently increased by over 1%, reaching an astonishing $2,679 per ounce. This rise is primarily driven by a weakening dollar and escalating global tensions. As economic uncertainty grows, many investors view gold as a safe haven.
The decline in the U.S. Dollar Index (DXY) has made gold more appealing, especially to foreign buyers.
Meanwhile, Bitcoin, often referred to as “digital gold,” has also seen a significant rise. Following the Federal Reserve’s interest rate decision, Bitcoin rose by 6% and increased by 7% in September, typically its toughest month.
In comparison, Bitcoin’s performance has outpaced both gold and silver, with a year-to-date increase of 47%. As gold reaches its peak, Bitcoin now aims to surpass its all-time high of $73,962.
Gold prices continue to climb, and silver prices have reached their highest levels in a decade.
By the end of this year, we might see #Bitcoin trading between $90,000 and $100,000.
— Michaël van de Poppe (@CryptoMichNL) September 26, 2024
Van de Poppe predicts that if the upward trend continues, Bitcoin’s trading price could reach between $90,000 and $100,000 by the end of 2024.
Sentiment: Positive
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