Key Points
- Bitcoin’s price could potentially hit $138,000 due to factors such as the upcoming halving and the recent approval of spot Bitcoin ETFs.
- BlackRock Inc has accumulated over $10 billion worth of Bitcoins, contributing to the bullish outlook for Bitcoin.
Bitcoin’s price has been a topic of intense discussion among Wall Street firms and global investors recently. This comes after the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States earlier this year. The demand for Bitcoin has far exceeded the daily supply from Bitcoin miners, a situation expected to intensify after the halving event in mid-April.
Many analysts are of the opinion that Bitcoin’s price is in the early stages of a super cycle. This super cycle is being driven by institutional investors and global macroeconomics.
Pompliano’s Views on Bitcoin’s Price
Anthony Pompliano, a renowned crypto market analyst, recently shared his views on Bitcoin’s price. According to him, Bitcoin is on the verge of a historic rally due to the upcoming halving and the recent approval of spot Bitcoin ETFs. He noted in a recent CNBC interview that Bitcoin’s price has typically doubled in value quickly after surpassing its all-time high.
Pompliano pointed out that Bitcoin’s price could double in 18 days after breaking its all-time high. Bitcoin’s price revisited its all-time high, around $69k, earlier this week but has been consolidating as altcoins begin to rise.
He also highlighted that BlackRock Inc has accumulated more than $10 billion worth of Bitcoins in less than two months following the approval of spot ETFs. This, along with the aggressive buying of the digital asset by other spot Bitcoin ETF issuers, adds to the bullish outlook for Bitcoin.
Market Overview
The cryptocurrency market moves in cycles, typically led by Bitcoin, then followed by large-cap altcoins and finally the meme coin industry. With Ethereum’s price up 15 percent in the past week to trade slightly above $3,950 on Friday during the early New York session, Bitcoin’s price is likely to consolidate, paving the way for an altcoin season.
A study by market intelligence platform Santiment indicates that short-term Bitcoin holders have been taking profits and distributing them to the altcoin industry.
