📈 Is Bitcoin really at its all-time high (ATH)?

🧐 At first glance, yes. In the BTC/USD chart, we see that the price has surpassed the peak from January... but does it really have more buying strength now than it did then?

🔍 Let's analyze it in depth by comparing BTC with different currencies and assets:

📉 1. BTC/USD

Yes, the price has exceeded the ATH from January in US dollars. But…

💶 2. USD/EUR

The dollar has fallen sharply against the euro since January. What does that imply? That part of the BTC rise in USD is not so much because Bitcoin has risen, but because the dollar has dropped.

📊 3. BTC/EUR

Therefore, if we measure BTC in euros, we have not yet surpassed the all-time high. In other words, in Europe, Bitcoin has not yet set a new record.

🥇 4. BTC/Gold

And if we step out of the FIAT realm and measure it against gold, the result is similar: we have not yet regained the purchasing power in ounces that we had in January.

💡 Conclusion:

The ATH depends on the lens through which it is viewed. In USD it may be true, but against other currencies or assets like gold, Bitcoin has not yet reached new highs. Is BTC rising or is the dollar falling?

🗣 What do you think? Are we really at ATH or is it an optical illusion caused by the weakness of the dollar?