BTC could hit a new all-time high if it rallies another 5%, but where is the price top?

Bitcoin is less than 5% away from its all-time high (ATH). BTC is currently trading up 1.97% to $70,428.09 on CoinMarketCap. Here's what some industry influencers have to say about whether Bitcoin has reached its peak yet.

First, Tom Lee, founder of Wall Street market research firm Fundstrat Global Advisors, recently told CNBC that “Bitcoin price could reach $150,000 by the end of the year,” and maintained his previous outlook. “U.S. bitcoin spot ETFs have seen significant inflows for the last 15 trading days in a row,” he said. BlackRock's Bitcoin spot ETF, IBIT, alone has surpassed $20 billion in assets under management. Given that the institutional infrastructure surrounding Bitcoin is still in its infancy, we believe BTC price has upside.”

Meanwhile, Mike Novogratz, CEO of Galaxy Digital, a financial services firm specializing in cryptocurrencies, told Bloomberg TV that “if the price of bitcoin surpasses the $73,000 peak it hit in March in the coming weeks, it will hit $100,000 by the end of the year.” “Sentiment in the crypto market has turned positive in recent weeks. The U.S. Securities and Exchange Commission (SEC) has moved to approve an Ethereum (ETH) spot ETF, and U.S. politicians are vying for the votes of crypto supporters. We are also encouraged by the passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) regulatory legislation in both the U.S. Senate and House of Representatives, as well as the bipartisan joint resolution (H.J. Res. 109) to override the accounting guidance on cryptocurrency custody obligations for financial firms (SAB 121).”

U.S. President Joe Biden vetoed the bipartisan joint resolution (HJ Res. 109) to override SAB 121.