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Bitcoin price is surging in lockstep with gold as the precious metal hits a new historic high, suggesting investors are preparing for stock market turmoil.

The price of gold has broken through a new all-time high, surpassing the significant level of USD2,100. Meanwhile, Bitcoin has also surged about 5% to around USD41,500 for the first time in 19 months.

What's more, Bitcoin has now risen over 140% since the beginning of the year.

Insights from Matrixport's research head, Markus Thielen, suggest an even brighter future. With historical trends of post-bear market bull cycles and upcoming Bitcoin halving events as a backdrop, projections place Bitcoin at over USD60,000 by Apr next year and as high as USD125,000 by the end of 2024.

The speculative winds are further fanned by the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the US.

With 13 bidders, including industry giants like BlackRock and Grayscale, the anticipation is building toward a decision by the SEC.

Bloomberg's ETF analysts see a high probability of simultaneous approvals for all pending bids by Jan. 10, which would mark not only a new era of institutional participation and investment in Bitcoin, but likely a boost for BTC price as well.

Expectations of a rate cut as soon as Mar next year is also fueling the BTC rally.