(P) Bitcoin surges past $15,000 to hit its highest level since January 2018

Why is its price soaring?

Bitcoin continued its weeks-long surge on Thursday, rising more than 8% to pass $15,000 for the first time since January 2018. The digital token's latest rally, more than 30% in the past month, comes as the outcome of Tuesday's US presidential election, when the election was uncertain.

With a high of more than $15,200 in Thursday trading, bitcoin hasn't sat at this level since the early stages of its late 2017 bubble unraveling when it topped out at just below $20,000. The cryptocurrency went on to fall as much as 80% from its peak over the ensuing year, bottoming out near $3,700.

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Late last month, Fairlead Strategies founder Katie Stockton said bitcoin was set to break above its $14,000 resistance level on "positive long-term momentum" and "room to overbought territory." Now, traders likely have their eyes set on clusters of resistance near bitcoin's all time high of just under $20,000.

"The breakout puts next and final resistance at the high from 2017 above $19,500," Stockton told Business Insider on Thursday, adding that it could consolidate sideways for a few weeks before reaching those levels.

"There are some signs of short-term upside exhaustion from an overbought/oversold perspective, supporting a few weeks of consolidation, but we would see this as healthy from a technical perspective," Stockton said.

Support for bitcoin is currently around the $12,500 level, Stockton added : there's even potential for bitcoin to surpass its all time high and surge past the $20,000 level, JPMorgan believes. The bank sees the potential for bitcoin to more than triple in the long run as it becomes a more acceptable alternative to gold among investors.

"The potential long-term upside for bitcoin is considerable as it competes more intensely with gold as an 'alternative' currency we believe, given that Millenials would become over time a more important component of investors' universe," JPMorgan said.

Bitcoin soared past $15,500 this week, hitting its highest level since January 2018, fueled by a cocktail of a weak dollar and acute uncertainty over the US political and economic outlook.