At 19:07 UTC, Bitcoin hit a new high of $86,800 on the Bitstamp platform.
It has pared some of its remarkable gains and is now trading at $86,104. The top cryptocurrency is still up over 7%.
Changpeng Zhao, the former CEO of Binance, has previously made remarks on Bitcoin’s entry into a new price discovery phase. His words, “Crossing the chasm, finally,”
The well-known marketing book “Crossing the Chasm,” authored by Geoffrey A. Moore, was probably cited by Zhao. The adoption issues that novel high-tech items frequently encounter are the main topic of the book. A few of these goods never catch on because they can’t “cross the chasm.”
As implied by Zhao’s remark, Bitcoin has already gained the needed widespread acceptability.
Growing demand for spot ETF products and ongoing speculation that the US would accept Bitcoin as a treasury reserve asset have contributed to the cryptocurrency’s explosive growth.
“Unlimited” upside potential
Larry Tentarelli, a technical expert, thinks that Bitcoin’s capacity to reach new record highs might lead to limitless growth. “I think this is one of the finest indications out there, yet many people like to fade breakouts or call tops. He stated on social media that “new highs mean potentially unlimited upside potential vs. defined risk, with a stop loss.”
After a brief lull, Katie Stockton, founder and managing partner of Fairlead Strategies, has forecast that the top cryptocurrency by market capitalisation might rise to as high as $98,000.
