Renowned crypto analyst Anthony Pompliano, founder of Pomp Investments, recently pointed to a historical pattern indicating that Bitcoin’s price might hit $138,000 in the next 18 days. With Bitcoin recently breaking its all-time high at $69,000, Pompliano suggests a potential doubling, drawing attention to a fascinating trend.
Bitcoin to Hit 138K
During a CNBC appearance, Pompliano highlights a noteworthy observation, suggesting that Bitcoin has doubled three out of the past four times it surpassed its all-time high.
Drawing parallels to historical occurrences, he suggests that the current surge could lead to a significant price spike, reaching $138,000.
Breaking an all-time high triggers what Pompliano calls a “price discovery” phase, where the market grapples with determining Bitcoin’s true value. This phase, marked by heightened interest and investment, could pave the way for substantial gains.
Caution Amid Optimism
Additionally, he clarified that he wasn’t predicting a precise price but highlighted Bitcoin’s historical trend of doubling within 18 days after breaking previous all-time highs. This, combined with the upcoming Bitcoin reward halving, hints at a possible substantial price surge.
Despite the caution that past performance doesn’t assure future results, Pompliano emphasizes the impact of the approaching halving and growing institutional interest.
Institutional Impact
Recent data shows Bitcoin’s noteworthy growth, up over 15% in the past week and more than 60% in the last month.
Adding to the analysis, Austin Arnold attributed the recent surge to major players like BlackRock and the emergence of 11 spot Bitcoin ETFs, which have generated substantial demand. The market also expects a supply disturbance due to the upcoming Bitcoin halving in about 40 days.
Bitcoin price Movement
As of now, following the recent all-time high of $69,000, Bitcoin has retraced to around $67,300, representing a 0.75% increase for the day.
Meanwhile, Bitcoin’s recent price movement has placed its market capitalization at $1.32 trillion. So far this year, Bitcoin has experienced a change of 59.33%.
