Strategists at the independent research boutique Fundstrat have revealed they see the flagship cryptocurrency rally to $100,000 or $90,000 in the near future, after its price broke through its previous all-time high and got to a new high near $67,000.

Bitcoin is currently trading above the $63,000 mark according to CryptoCompare data, but the move above the previous all-time high had seen technical analysts create numerous bullish projections for the cryptocurrency. In a report, according to Bloomberg, Fundstrat wrote:

Initial upside targets for Bitcoin above $65,000 lie near $72,500, then $89,000, and thought to be definitely within reach on this breakout of former peaks.

Bitcoin’s price surged shortly after the first bitcoin futures exchange-traded fund (ETF) was approved by the U.S. Securities and Exchange Commission (SEC) and started trading on the New York Stock Exchange.

In its debut, the fund, the ProShares Bitcoin Strategy ETF (BITO), became the second-most heavily traded fund on record, and on the second trading day it brought in a trading volume of $1.2 billion. The fund now has assets above $1.1 billion, making it the fastest ETF to hit $1 billion on record. 

According to analysts at JPMorgan, however, the ETF wasn’t behind bitcoin’s price surge and instead, a flow of funds out of gold ETFs and into bitcoin-related products could explain the rise. The analysts wrote:

Instead, we believe the perception of Bitcoin as a better inflation hedge than gold is the main reason for the current upswing, triggering a shift away from gold ETFs into Bitcoin funds since September.

Notably, other analysts have pointed to the $89,000 mark as a potential price target. Technical analyst Katie Stockton, founder of Fairlead Strategies, revealed she believes that the price of bitcoin could now surge to $89,000 if it could maintain support above $85,000.

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