Bitcoin could surge to $36,000 from its current trading price of around $30,674.90, according to top analyst Fairlead Strategies founder and managing partner Katie Stockton.
This bold prediction, made during an appearance on CNBC's "Squawk Box," comes despite Bitcoin's modest seven-day increase of just 0.7%.
Stockton cites the recent base breakout on Bitcoin, which occurred before a similar breakout on the equity markets, as a significant indicator of this potential rise.
She also pointed to a decline in the volatility index, which she believes foreshadowed the upturn in both Bitcoin and the equity market.
Stockton's prediction comes in the wake of a roller coaster of a year for Bitcoin, which despite global economic turmoil has shown resilience. Pulling back into the $25,000 support area, the flagship cryptocurrency resumed higher and has shown signs of a bullish trend.It is a trend that, according to Stockton, could see Bitcoin's market capitalization, currently standing at approximately $595 billion, increase significantly with the projected price surge.
During the "Squawk Box" interview, Stockton also touched upon the equity market's performance, highlighting the correlation between Bitcoin and the stock market.
The mid-May breakout of the S&P 500, and the similar momentum on the NASDAQ, mirrored the Bitcoin trend, reinforcing the interconnected nature of financial markets.
Tomiwabold Olajide
Yuri Molchan
