BTC has already managed to break new price records in some local fiat currencies, including the British pound.
Bitcoin has clocked up its highest weekly close ever — leaving the world's biggest cryptocurrency just $1,000 shy of a new record.
After spending most of the past week stuck in a tight range between $61,000 and $62,000, BTC saw a sudden breakout on Sunday night.
As Asia woke up to the start of a new working week, Bitcoin sharply accelerated from $62,941 to $65,050 in the space of an hour.
For traders, all eyes are now on breaking $66,930.39, an all-time high that was set back on Oct. 20.
But BTC has already managed to break new price records in some local fiat currencies, including the British pound.
Striking a bullish tone, the crypto trader and analyst Rekt Capital wrote on Twitter:
"People who are thinking it's too late to buy #BTC don't realize how much higher it can still go in this cycle."
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Bitcoin's gains come as Wall Street faces a nervous wait for inflation data later this week.
Analysts are expecting that America's consumer price index will clock year-on-year gains of 5.9% when figures are released on Wednesday — levels that haven't been seen in more than 30 years.
Inflation increases the cost of everyday goods and services, reducing the spending power of the pounds and dollars in your pocket.
Bitcoin has been regarded as a powerful hedge against inflation because of how it has a fixed supply of 21 million.
By contrast, cryptocurrency enthusiasts point out that many central banks have embarked on vast quantitative easing programs — dramatically increasing the supply of fiat currencies in a move that's bad news for savers.
IG Markets analyst Kyle Rodda told the Reuters news agency:
"Financial institutions want to be a part of it, regulators don't want to clamp down on it too much. We're almost past the inflection point, where it's part of the system and it's going to be very, very hard to extricate it."
