Bitcoin has seen strong gains over the last week — trading at about $8,200 as of the earlier hours of Thursday.

But the largest digital currency by market cap still isn't close to its December, 2017 high of $19,783.21. Now, market watchers are waiting in anticipation for the next jump — or decline.

"Any number of catalysts could send bitcoin exploding higher," Spencer Bogart, a partner at Blockchain Capital, told CNBC on "Fast Money" Wednesday.

Those catalysts include global trade tensions, the possibility of a bitcoin ETF, rising currency rates and Mastercard's recent announcement of a new patent that could allow bitcoin transactions on credit cards.

"Bitcoin is kind of a tinderbox right now, waiting for reasons to go higher," said the venture capitalist.