Bitcoin (BTC-USD) surged at the end of March, surpassing the key psychological threshold of $70,000 per token.

Since then, the token has lost over 10% of its value, before breaching this level in recent days. Now trading around $70,500, it appears it is game on for the world’s largest cryptocurrency.

Bitcoin has seen its ups and downs, but ahead of its pivotal halving event scheduled to take place in a few weeks, it’s been mostly up.

This mega-cap token hasn’t made a new all-time high in two weeks (an incredibly long time, I know), but many bulls think it’s just a matter of time before Bitcoin takes off again.

That’s partly because of Bitcoin’s price performance following a halving event. As mining rewards are halved and block difficulty doubles, holding demand steady, price goes up. It’s really that simple.

Let’s dive into whether the market feels the same way, or if there’s some hidden risks to consider. Because right now, it really looks like Bitcoin is unstoppable.

Is The Bitcoin Benchmark Now $70,000?

Seeing a 70-handle on Bitcoin is truly something I wasn’t sure we’d see, at least during the depths of the last crypto winter. Lo-and-behold, we’re now trading well above this level, and substantial accumulation suggests a rise well above previous highs could be in order.

There’s no doubt another retracement decline could take place. However, accumulation in “whale wallets” (those holding 10 to 10,000 Bitcoin) continues to increase. This suggests that bulls are getting even more bullish ahead of the halving, pushing a positive outlook for the world’s largest crypto, at least over the near-term.

Some crypto analysts feared a significant pre-halving dip. This would also align with historical patterns. However, Bitcoin only dropped as much as 17% from its March 14 peak, before making most of these losses up. So, it’s upward momentum from here, apparently.

Fragmented liquidity across various exchanges and trading periods appears to have led to this previous decline. Assuming liquidity remains strong, and investors can continue to get their hands on Bitcoin, most crypto analysts think it’s full steam ahead.

Is a $300K Prediction Achievable?

While there have been a considerable amount of bullish investors for Bitcoin, financial expert Robert Kiyosaki is the biggest fan of the said crypto. I have to admit; I have re-read Rich Dad, Poor Dad a number of times. But Mr. Kiyosaki’s more recent doomsday predictions have fallen of deaf ears, including mine.

That said, his views on Bitcoin as a store of value continue to drive interest in some circles, as do his price predictions. Kiyosaki recently predicted that Bitcoin could reach $300,000 per token, a value that would be driven by both its nature as a store of value and global economic shifts toward safe haven assets.

I think some of this narrative certainly plays into the reason certain investors hold Bitcoin. There’s fear in today’s monetary system (and that’s largely why Bitcoin was created, coming out of the Great Recession). But I’m not necessarily 100% sold on this thesis. There are plenty of other safe haven assets to move to that are much less volatile over the long-term.

That said, a $300,000 price target doesn’t seem that crazy now. Bitcoin has doubled, and doubled, and doubled again over history. Suggesting the trend can’t change may simply be ludicrous to some.

Bitcoin’s Still a Buy

Yes, Bitcoin is perhaps the most volatile “safe haven asset” out there. But it’s also true that Bitcoin can play a role as a piece of a well-diversified portfolio (in the same way a 5% or smaller position in gold can play).

I’m of the view that institutional investors are going to continue to flood into Bitcoin, until they meet their allocation goals. Maybe we’ve reached that point. But currently, I do think there’s still untapped capital waiting to flow into this token.

I’m not sold on a $300,000 price target, necessarily. But I think $100,000 could be in the cards this year. For those willing to put a small portion of one’s portfolio into crypto, Bitcoin would be how I do it right now.

On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.