According to U.Today, venture investor and entrepreneur Anthony Pompliano, also known as Pomp, recently appeared on CNBC’s Squawk Box show to discuss the factors driving Bitcoin's recent price surge. Despite daily volatility, Bitcoin has been on a steady growth trajectory since the beginning of the year, according to Pompliano.
Pompliano noted that the price action around the recent halving has been unfolding as expected. Historically, Bitcoin's price increases by about 19% a month before a halving, and by 1-2% in the month following the event. This pattern is currently being observed, he said.
Since last Friday, Bitcoin has seen a more than 10% increase. Pompliano attributed this surge to Grayscale’s GBTC ETF, which saw a $63 million inflow for the first time since January, after four months of consistent outflows. This is the largest Bitcoin ETF, and the inflows have stimulated the price rise, he explained.
Another significant factor mentioned by Pompliano is the 200-day moving average for Bitcoin reaching an all-time high, surpassing $50,000 for the first time. However, after exceeding the $65,000 level, the leading cryptocurrency has been pushed back down 2.14%, and is currently trading at $63,800.