Anthony Pompliano, a well-known cryptocurrency analyst and founder of Pomp Investments, recently pointed out historical patterns that indicate that the Bitcoin price could reach $138,000 in the next 18 days. With Bitcoin recently hitting an all-time high of $69,000, Pompliano is noting an interesting trend, suggesting a potential doubling.
Bitcoin reaches 138K
During an appearance on CNBC, Pompliano highlighted a notable observation that suggests Bitcoin has surpassed its all-time high three out of the last four times.
Similar to historical events, he suggests that the current surge could lead to a significant price surge reaching $138,000.
Breaking an all-time high triggers what Pompliano calls the “price discovery” phase. This is where the market has a hard time determining the true value of Bitcoin. This stage of heightened interest and investment can pave the way for significant profits.
Caution in Optimism
He also highlighted Bitcoin’s historical trend of doubling within 18 days of hitting a previous high, although he did not predict the exact price. This, combined with the upcoming Bitcoin reward halving, suggests the potential for a significant price surge.
Despite warnings that past performance is no guarantee of future results, Pompliano highlights the impact of the upcoming halving and increased institutional interest.
institutional influence
Recent data shows that Bitcoin has shown notable growth, with gains of more than 15% last week and more than 60% last month.
Adding to the analysis, Austin Arnold attributed the recent surge to the emergence of major players such as BlackRock and 11 spot Bitcoin ETFs that have created significant demand. The market is also expecting supply disruption due to the Bitcoin halving, which is about 40 days away.
bitcoin price movement
Bitcoin is now back to around $67,300 following its recent all-time high of $69,000, up 0.75% for the day.
Meanwhile, Bitcoin’s recent price movements have pushed its market capitalization to $1.32 trillion. So far this year, Bitcoin has experienced a change of 59.33%.