Bitcoin on Track to Experience a 138K Surge in Just 18 Days, Citing Historical Patterns
Renowned crypto analyst Anthony Pompliano, the founder of Pomp Investments, has recently highlighted a historical pattern that suggests Bitcoin’s price could reach $138,000 in the next 18 days. With Bitcoin breaking its all-time high at $69,000, Pompliano points to a fascinating trend of potential doubling.
During an appearance on CNBC, Pompliano made a noteworthy observation, stating that Bitcoin has doubled three out of the past four times it surpassed its all-time high. Drawing parallels to these historical occurrences, he suggests that the current surge could lead to a significant price spike, reaching $138,000.
Pompliano refers to this phenomenon as a “price discovery” phase, where the market grapples with determining Bitcoin’s true value. This phase, characterized by increased interest and investment, has the potential to pave the way for substantial gains.
However, Pompliano clarifies that he is not predicting an exact price but rather highlighting Bitcoin’s historical trend of doubling within 18 days after breaking previous all-time highs. He also points out the upcoming Bitcoin reward halving, which may further contribute to a significant price surge.
While past performance does not guarantee future results, Pompliano emphasizes the impact of the approaching halving and growing institutional interest. Recent data shows Bitcoin’s remarkable growth, with a 15% increase in the past week and over 60% in the last month.
Austin Arnold also adds to the analysis, attributing the recent surge to major players like BlackRock and the emergence of 11 spot Bitcoin ETFs, which have generated substantial demand. Additionally, the market expects a supply disturbance due to the upcoming Bitcoin halving in approximately 40 days.
Currently, Bitcoin has retraced to around $67,300 after reaching its recent all-time high of $69,000, representing a 0.75% increase for the day. With this price movement, Bitcoin’s market capitalization stands at $1.32 trillion. So far this year, Bitcoin has experienced a change of 59.33%.