Anthony Pompliano Predicts Bitcoin to Hit $138K
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%.
Hot Take: Will Bitcoin Hit $138K?
Considering Pompliano’s historical observations and the current market trends, the possibility of Bitcoin reaching $138,000 within the next 18 days is an intriguing prospect. With significant institutional interest and the upcoming reward halving, the stage is set for a potential price surge. While past performance may not guarantee future results, the momentum in the crypto market suggests an exciting period ahead for Bitcoin investors.
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