Bitcoin has reached a new record high of $86,800 at 19:07 UTC on the Bitstamp exchange.
It is currently trading $86,104 after paring some of its impressive gains. Still, the leading cryptocurrency is up by roughly 7%.
Former Binance CEO Changpeng Zhao has already commented on Bitcoin entering its new price discovery phase. "Crossing the chasm, finally," he said.
Zhao likely referenced "Crossing the Chasm," a popular marketing book written by Geoffrey A. Moore. The book focuses on the adoption challenges that innovative high-tech products tend to face. Some of these products never take off due to their inability to "cross the chasm."
As Zhao's comment suggests, Bitcoin has already achieved much-coveted mainstream acceptance.
The cryptocurrency's rapid rise has been fueled by growing demand for spot ETF products and persistent discussion about the US potentially adopting Bitcoin as a treasury reserve asset.
"Unlimited" upside potential
Technical analyst Larry Tentarelli believes that Bitcoin hitting new record highs potentially means unlimited upside potential. "Many like to fade breakouts or call tops, but for me, is one of the best signals there is. New highs mean potentially unlimited upside potential vs defined risk, with a stop loss," he said in a social media post.
Katie Stockton, founder and managing partner of Fairlead Strategies, has predicted that the leading cryptocurrency by market cap could surge to as high as $98,000 after taking a short pause.
