Just days after soaring above $10,000, Bitcoin broke out above $13,500 to the highest price level in 2019. The broader cryptocurrency market is also rallying.
Bitcoin’s value has risen by more than four hundred percent since December, when the price bottomed out below $3,200. Bitcoin has nearly tripled in price since April, in two months going from $4,310 to more than $13,500.
Many analysts, including Thomas Lee, co-founder and head of research at Fundstrat, think that Bitcoin is going to reach a new all-time high. “Bitcoin is easily going to take out its all-time high,” Lee told CNBC.
Bitcoin’s price reached an all-time high of around $19,500 in December 2017.
With the growing strength of Bitcoin, the cryptocurrency has potential to become a new global reserve currency.
“I think Bitcoin ultimately becomes a reserve currency in crypto,” Lee said. “We’re deep into a bull market and people are pretty silent about it.”