Bitcoin rises in early 2024, why is Bitcoin called digital gold?

[FXOcrypto]

Some say that Bitcoin is digital gold. This probably refers more to the circumstances where Bitcoin experienced a price spike that caused the bubble to burst in early 2018. After the bubble burst, Bitcoin prices tended to fluctuate up and down but were still below the all-time high that was formed before the bubble occurred. At the beginning of 2024, it seems that BTCUSD is rising again, and has formed a new high since 2023. Now at the beginning of 2024. the price of BTCUSD is recorded to have risen and reached the $45k level.

Referring to the chart on Ticktrader FXOpen, the BTCUSD price has crossed the upper band line on the daily timeframe. In 2023 Bitcoin prices tend to be in bullish sentiment for the past few months.

Even though it has been controversial, cryptocurrencies are still growing, with many forex brokers making crypto assets included in the list of trading instruments available on the platform. Like FXOpen ECN, which includes the cryptocurrency market on their Ticktrader platform.

This might be a good start for Bitcoin prices amidst the turmoil of war tensions in several regions. And maybe Bitcoin's value can repeat its all-time high this year.

BTCUSD chart Ticktrader FXOpen

 

[Riberet19]

I also believe that Bitcoin may reach its all-time high this year. Still, I hope that after that happens the price does not collapse as aggressively as it has in previous cycles, this year it has more than enough reasons to do so, first with ETFs and second with the halving, we have to be vigilant.

 

[Henrywrites]

Some of the analysts are of the opinion that bitcoin price will rise to as high as 80k this year and the price increase happening is evident of that. What I don't know is when this particular bullrun is going to happen though.

 

[FXOcrypto]

Bitcoin prices always go up and down, and it turns out the price returned to the trend of around 42k after successfully reaching a high of 45k but reading the price history, the BTCUSD price is still in the range of 40k and 45k, maybe it will rise again.

BTCUSD chart Ticktrader FXOpen

 

[Grant]

It's good to see it rise again, but how long can we expect this to last really? It always seems to drop in price at some point.

As for it being digital gold, I guess it's because if you ended up earning 1 bitcoin, it's worth a lot of money, which gold is worth a lot as well. But don't know if I'd compare gold with bitcoin, mainly because gold usually retains its value for the most part, but bitcoin will inevitably rise and fall as it always does. Gold doesn't rise and fall like that.