Bitcoin (BTC) Soars 10%: 200-Day Moving Average Reaches Unprecedented High

• Anthony Pompliano, a renowned venture investor and entrepreneur, recently appeared on CNBC’s Squawk Box to discuss the recent surge in Bitcoin’s value.
• Despite its daily volatility, Bitcoin has been on a steady growth trajectory since the beginning of the year.
• Pompliano attributes the price increase to factors such as the recent halving and the first inflow in Grayscale’s GBTC ETF since January.

Bitcoin’s value continues to rise, with factors such as the recent halving and a significant inflow in Grayscale’s GBTC ETF contributing to the surge. Venture investor Anthony Pompliano discusses these developments on CNBC’s Squawk Box.

Bitcoin’s Price Recovery and the Role of Halving

During his appearance on the show, Pompliano acknowledged that the price action surrounding the recent halving has been unfolding as anticipated. Historically, the price of Bitcoin increases by about 19% a month before a halving, and by 1-2% in the month following the event. This trend is currently being observed, he noted.

Grayscale’s GBTC ETF and the 200-Day Moving Average

Another significant factor contributing to Bitcoin’s price increase, according to Pompliano, is the recent inflow in Grayscale’s GBTC ETF. For the first time since January, the ETF saw a $63 million inflow after four months of consistent outflows. This is the largest Bitcoin ETF, and the inflow has stimulated a rise in the cryptocurrency’s price. Additionally, Bitcoin’s 200-day moving average has reached an all-time high, surpassing $50,000 for the first time.

Current State of Bitcoin

Despite reaching the $65,000 level earlier, Bitcoin has since experienced a slight dip of 2.14%. At the time of writing, it is trading at $63,800. However, the long-term outlook remains positive, with the cryptocurrency’s fundamental drivers still intact.

Conclusion

Bitcoin’s recent price surge can be attributed to several factors, including the recent halving and the inflow in Grayscale’s GBTC ETF. Despite slight fluctuations, the cryptocurrency continues to show strong growth potential, backed by a robust long-term thesis.