Fueled by other cryptocurrencies soaring of late, Bitcoin made a monstrous 40 percent jump in value on Friday since July's crash, reaching nearly $50,000 per coin.
As of this writing, Bitcoin stands at $47,242, Coindesk reported, which is an immense rise from prices lower than $30,000 last month, thanks to respective ongoing rallies of Ethereum, Dogecoin, Cardano, BNB, and XRP.
The digital tokens' performance pushed the crypto market above the $2 trillion mark for the first time since May, Forbes noted. Because of this, investors are bullish on Bitcoin's further surge, predicting it could reach an all-time high of over $60,000.
Bitcoin Price Prediction: BTC to Reach $100,000 If It Follows Ethereum Growth Path, Says Analyst
In fact, Bloomberg Intelligence senior commodity strategist Mike McGlone stressed in the Forbes report that Bitcoin has a lot of room for a breakout, predicting that if BTC follows Ethereum, "it goes to $100,000."
Ethereum had grown 700 percent from the same time last year, compared to Bitcoin's more sluggish 300 percent. McGlone said in his August report that if "performance parallels" are seen, Bitcoin would be back on track to reach the $100,000 level.
Fundstrat Global Advisors head of research Tom Lee also sees a higher surge for Bitcoin based on trading data. Lee told CNBC that as Bitcoin exceeds its average price in the last 200 days, a stronger rally is expected by yearend.
However, other analysts are more skeptical about Bitcoin's current run. TradeStation vice-president of market intelligence David Russell cautioned about a "pause" in its surge from its July crash, observing that Bitcoin is close to the "same level below which sellers got aggressive." He further emphasized to Forbes that Bitcoin's current position shows the "most significant resistance area" in its rally.
Bitcoin Price Prediction: BTC Expected to Breach $50,000 in late August
Crypto derivatives exchange Delta CEO Pankaj Balani, meanwhile, pointed out that the crypto market "should take a breather." He, however, forecasted BTC to soar past $50,000 later this month or early September - a level that would allow "fresh flows" and clear signals that the market correction has been completed, Balani further told Forbes.
Overall, CoinShares chief strategy officer Meltem Demirors sees Bitcoin's rally as a "positive catalyst" to downplay uncertainty even with intense regulatory scrutiny. Demirors added in a Fortune interview that the trend demonstrates how the crypto community "is no longer some esoteric corner of finance."
Regulators around the world vowed more crackdowns on cryptocurrencies. These include the crash-inducing closure of crypto mines in China and a stinging "Wild West" comment about the market from US Securities and Exchange Commission chairman Gary Gensler, who said he would not compromise in protecting investors in pushing a regulatory framework.
With the cryptocurrency surge, strategists have since declared soaring price targets - a clear sign that the best is yet to come for the space, despite the rollercoaster journey it endured.
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