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On a bullish streak, Bitcoin, may double in price to $138,000 soon, predicts Pomp Investments founder Anthony Pompliano.
Breaking its previous all-time high of $69,000, Bitcoin briefly hit $69,210, now trading around $67,423. Pompliano notes historical trends, stating that after previous record highs, Bitcoin doubled in 18 days or less.
Notably, this new high precedes the Bitcoin halving event, potentially accelerating its rise. The upcoming halving will reduce daily Bitcoin production from 900 to 450, impacting market dynamics.
Bitcoin’s recent surge is attributed to new US Bitcoin spot ETFs, drawing over $8 billion since January 11. Pompliano anticipates three significant new investors, including public pension funds and sovereign wealth funds, entering Bitcoin ETFs.
Bitcoin’s market cap could eventually surpass gold, presenting itself as a global liquidity index amid concerns about dollar debasement over the next decade. U.S. ETFs now hold over $50 billion in Bitcoin, with expectations to surpass gold ETFs.
MicroStrategy CEO Michael Saylor predicts Bitcoin ETFs will soon surpass gold ETFs in assets under management.
The bullish trajectory of Bitcoin, coupled with institutional interest and the impending halving, suggests its potential to redefine global financial markets, possibly surpassing gold in market cap.
Also Read: Fidelity Executive Sees Bitcoin Taking 25% of Gold’s Market
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