Bitcoin (BTC) surged above $106,000 for the first time, marking a historic high during early Asian trading. The rise propelled the BTC-to-gold ratio to a peak, with one Bitcoin equal to 40 gold ounces, signifying increased confidence in BTC over gold.
Despite a slight pullback, bullish sentiment remains strong. Renowned trader Peter Brandt predicts the BTC-to-gold ratio could target 89:1. This rally, as highlighted by Santiment, is driven by whale accumulation, adding 1,582 wallets holding 100 BTC since mid-October.
Currently trading at $104,567, Bitcoin may hit new highs if accumulation persists. However, increased profit-taking could push the price below $90,000, testing support at $84,776.
