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Bitcoin (BTC) is currently experiencing a prolonged bullish trend which, if it persists, could result in the cryptocurrency doubling its value within the upcoming weeks, as per one analyst’s assessment.
Anthony Pompliano, founder of Pomp Investments, posits that the cryptocurrency could achieve a price of $138,000 shortly after decisively surpassing its previous all-time high of $69,000. The asset briefly exceeded the former record on Tuesday, reaching $69,210, and is now trading just below that at $67,423.
Bitcoin Poised To Double In Value
In a Thursday interview with CNBC, Pompliano remarked:
“If we go back and we look at past record high breaks… three of the four times, Bitcoin doubled in eighteen days or less. Once you break through an all-time high, its price discovery – what is this thing worth?”
In December 2020, Bitcoin surpassed its previous all-time high of $19,600, which was initially recorded in December 2017. By January 2021, the asset had already risen above $34,000.
A similar trend was observed in early 2017. After breaking its 2013 high of $1200 in April, the asset had climbed to $2500 by June.
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However, there is a significant distinction this time: Bitcoin’s new all-time high was established prior to this year’s Bitcoin halving, whereas most new highs typically occur several months later. Consequently, the implications of this event on Bitcoin’s market dynamics have yet to be factored in.
“You had in the fact that we have the halving coming, and we’re about to go from 900 Bitcoin a day to 450… and it’s hard not to make an argument that Bitcoin is going much higher, and at a faster pace than we all expect,” Pompliano stated.
Bitcoin’s Long-Term Prospects
A significant portion of Bitcoin’s growth since the beginning of the year can be attributed to the introduction of new Bitcoin spot ETFs in the United States, which have attracted over $8 billion in net inflows since their launch on January 11. Most anticipate that their success will persist, with Bitwise CEO Matt Hougan asserting that corporations and wirehouses have yet to begin their purchases.
Pompliano anticipates that three “main new buyers” will soon start investing in Bitcoin ETFs, two of which include public pension funds and sovereign wealth funds. Ultimately, he foresees the asset’s market capitalization exceeding that of gold.
“What Bitcoin has become is an index for global liquidity,” he clarified. “If you believe the dollar is gonna continue to be debased over the next decade, Bitcoin’s a winner.”
The value of Bitcoin held in U.S. ETFs recently surpassed $50 billion, with more than half of that amount being held by the country’s gold ETFs. MicroStrategy CEO Michael Saylor mentioned in an interview this week that the ETFs are expected to soon exceed gold ETFs in assets under management.
The post Bitcoin’s Price May Double To $138k This Month, History Suggests appeared first on Cryptonews.
