Pi Coin (Pi Network/PI) has experienced quite a price spike over the last 24 hours. The asset is up 11.7% in the daily charts, 42.5% in the 14-day charts, and 29.8% over the previous month. Despite the incredible rebound, the asset is still down 35.8% over the last week.

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Pi Coin Rallies As Bitcoin Inches Closer To New Peak

PI’s latest rally comes amid Bitcoin (BTC) climbing to the $107,000 level. The original crypto is testing the $108,000 price point. BTC is very close to hitting a new all-time high. If BTC climbs to a new peak, we may enter another market-wide rally. BTC’s rally could be due to increased institutional inflows.

Another bullish development that may have pushed PI’s price is the GENIUS stablecoin regulation act moving forward. A clearer regulatory environment will likely lead to more investments.

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PI’s price may have rallied due to investor expectations of an interest rate cut. A rate cut could lead to a surge in risky investments. PI is a particularly risky asset, given that it does not have a lot of utility.

Will the Asset Hit $2 Next?

According to the analysts at CoinCodex, Pi Coin may continue its rally over the coming weeks. The platform anticipates the token to breach the $2 mark on June 11. CoinCodex further expects PI to climb to a new all-time high of $3.94 on June 28. PI’s price will rally by 386.43% if it hits the $3.94 target.

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There is also a possibility that PI will face a correction over the coming week. The asset does not have a lot of utility. There is a lot of risk associated with the token. If BTC faces a correction, PI will likely follow its trajectory.