Bitcoin (BTC) has just reached a new all-time high, trading above $69,200 and surpassing the previous record set in November 2021 of $69,146.
The cryptocurrency is currently valued at more than $1.3 trillion, according to CoinGecko data.
Why Bitcoin might surge even higher
Anthony Pompliano, founder of Pamp Investments, singed out several key factors contributing to Bitcoin's bullish momentum during a CNBC interview.
Firstly, the recent approval of Bitcoin ETFs shows a growing mainstream acceptance and massive inflows into the cryptocurrency market. Notably, the one managed by BlackRock with $11 billion in assets has added $1 billion in just the last day.
Furthermore, historical patterns suggest that breaking past an all-time high could lead to a rapid doubling in price, as seen in previous cycles.
Once Bitcoin moves beyond known price levels, the market begins to reassess its value in the absence of historical resistance points. During this period of price discovery, Bitcoin is entering uncharted territory
Pompliano also singled out the upcoming Bitcoin halving event, which will reduce the new supply of Bitcoin, as a critical factor likely to push prices higher at a pace faster than many anticipate.
More bullish predictions
Recent Bitcoin price predictions have been exceptionally bullish, with several prominent figures in the cryptocurrency space forecasting significant increases in the wake of the upcoming Bitcoin halving. Anthony Scaramucci, the founder of SkyBridge Capital, projects that Bitcoin's price could climb to at least $170,000 post-halving, a prediction supported by historical data from previous halving cycles.
Echoing Scaramucci's optimism, Mike Novogratz of Galaxy Digital points to the halving as a critical factor that could propel Bitcoin's price to new heights.
Adam Back, the CEO of Blockstream and a figure mentioned by Satoshi Nakamoto in the Bitcoin whitepaper, sees Bitcoin possibly reaching $100,000 even before halving.
Tom Lee, Fundstrat's cofounder, has made a striking prediction on CNBC, stating that he expects Bitcoin to hit $150,000 within the next year and an astonishing $500,000 within five years.