8 months ago
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Pompliano noted that Bitcoin price has doubled immediately after breaking the prior all-time high in the past bull cycles.
Bitcoin (BTC) price has continued to be a hotly debated subject by Wall Street firms and global investors in the recent past following the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States earlier this year. The demand for the flagship coin has heavily outstripped the Bitcoin miners’ daily supply, and the situation will escalate after the upcoming halving in mid-April.
As a result, most analysts believe Bitcoin price is in the early stages of a super cycle fueled by institutional investors and global macroeconomics.
Pompliano on Bitcoin Price Action
According to a popular crypto market analyst Anthony Pompliano in a recent interview, Bitcoin price is on the cusp of a historical rally fueled by the upcoming halving and the recent approval of spot Bitcoin ETFs. Pompliano highlighted in a recent CNBC interview that Bitcoin price has in the past bull cycles quickly doubled in value after breaking an all-time high.
Precisely, Pompliano noted that Bitcoin price could easily double in 18 days after the instrument closes above the all-time high. Notably, Bitcoin price revisited its ATH, around $69k, earlier this week but has continued to consolidate as altcoins take off.
“As we near the record high, if we go back and look at past record high breaks or when we eclipse the old all-time high, three of the four times, bitcoin doubled in 18 days or less. Once you break through an all-time high, that’s price discovery. What is this thing worth? The world is going to try and figure that out,” Pompliano noted.
Pompliano pointed to the fact that BlackRock Inc (NYSE: BLK) alone has amassed more than $10 billion worth of Bitcoins in less than two months of spot ETF approval. Remarkably, the rest of the spot Bitcoin ETF issuers are all going for the same scarce digital asset, thus adding to the bullish outlook.
“Bitcoin’s up over 15 percent in the last week, over 60 percent in the last month, and up over 200 percent in the last year. the all-time price high was hit. This is largely due to BlackRock, the largest asset manager on earth, as well as the 11 other spot bitcoin ETFs, which are aggressively buying up all the supply,” he added.
Market Check
The cryptocurrency market moves upward in cycles led by Bitcoin, followed by large-cap altcoins all the way down to the meme coin industry. With Ethereum (ETH) price up 15 percent in the past week to trade slightly above $3,950 on Friday during the early New York session, Bitcoin price is likely to consolidate and pave the way for an altseason.
Moreover, an on-chain study by market intelligence platform Santiment shows short-term Bitcoin holders have accelerated profit-taking and distributed them to the altcoin industry.
