Gold and the S&P 500 have reached new all-time highs, while Bitcoin remains about 8% below its record high of over $73,700 achieved seven months ago, despite a year-to-date rise of over 50%. Factors contributing to Bitcoin's recent sluggishness include significant forced sell pressure from events like the German government's bitcoin sales and the return of tokens from the Mt. Gox trustee. Nevertheless, signs of accumulation are emerging among various cohorts of investors. A notable catalyst for Bitcoin's potential resurgence includes the ongoing weakening of the Japanese yen, which has recently declined in value, indicating less urgency for the Bank of Japan to raise interest rates. This economic context, combined with prospective rate cuts from Western central banks and a growing pro-crypto sentiment in U.S. politics, positions Bitcoin for a possible price rally towards new highs in the near future.

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