At this point in time, Bitcoin has established a stable ground well above the $5,000 USD mark after it hit the milestone back in September. Since September, Bitcoin’s price has surged further and is set to breach the $6,000 USD market trading price. There have been massive points of interests involving cryptocurrencies in the past few weeks, and Bitcoin is the cryptocurrency most affected by it all.
When Bitcoin broke the $700 USD mark, it made the news, and then it went on to go past the $1,000 USD mark. Earlier this year, experts made a prediction that Bitcoin could break the $4,000 USD mark by the arrival of 2018. We are well past that now and we have yet to cross the half way point in the final quarter of 2017. There are indications that by the end of the year, Bitcoin could possibly go on to set a new record high price somewhere in the $6,500 USD range.
According to a recent price analysis using data obtained from SimpleFX, Bitcoin’s price had been predicted to go upwards of $6,000 if things kept going as per the usual. Bitcoin’s price nearly did reach the $6,000 mark twice but it failed to go past that marker and kept below it until now.
With the way proceedings are taking place right now, either of two things can happen. CoinDesk has estimated that there is a high possibility for the price of Bitcoin to drop to around $5,400. But there is also a chance for it to go further up and reach $6,500 since it is just a few hundred dollars away now. This would break all records for cryptocurrencies as the highest price they have been at since their introduction.
There is no conclusive evidence to say which of the two will happen. Bitcoin has reputedly been quite a volatile currency. However, over the recent weeks, there has been a rising demand for the cryptocurrency aided by support from all over with not just investors, analysts and enthusiasts, but also from the general public which is starting to warm up to the idea of digital currencies. Several countries in the Southeast Asian region are taking steps to one day legalize cryptocurrencies for common usage in their countries. This is a sign that Bitcoin may soon have more recognition across the world and of course, with its acceptance, the price will also increase.
The end of 2017 is seeing Bitcoin reaching the $6,500 USD mark for sure if things keep going the way that they are. More money is expected to flow into the cryptocurrency world in light of the recent stance taken by countries in Southeast Asia. This will encourage all those who have yet been reluctant to invest into Bitcoin to finally convert and get into the cryptocurrency world and further aid the cryptocurrency’s astronomical growth. That being said, the volatility of Bitcoin should not be left unaccounted for. Anything can happen at this point.