Why is the bitcoin price so high?

The bitcoin price has rocketed higher over the last year, topping its previous all-time high. Earlier this year, Bank of America analysts warned the U.S. debt load is about to ramp up to add $1 trillion every 100 days— fueling a bitcoin price surge.

Is bitcoin on the verge of a big technical breakout?

Bitcoin is on the verge of a big technical breakout if it can surge past its former record high of about $73,800. According to technical analyst JC Parets of AllStarCharts, the longer bitcoin trades above $70,000, the more likely it is to climb to $100,000. The cryptocurrency was trading at $71,312 at 10:16 am ET.

Will bitcoin hit $500,000 by 2026?

Last year, Cathie Wood—a long-time supporter of Tesla and its CEO Elon Musk— made a bitcoin price prediction that the cryptocurrency would hit $500,000 by 2026. Wood and Ark are also very bullish on ethereum, predicting its market cap could surge to $20 trillion in the next ten years, an increase of over 6,000% from around $300 billion.