Bitcoin (BTC) has once again surpassed $4,000. This is big news.
While the coin is still far away from its peak around $5,000—although, knowing Bitcoin, would anyone be surprised if we woke up tomorrow and it jumped to $5,000?—getting past $4,000 was an obstacle that the cryptocurrency needed to conquer in order to get back on track.
The Bitcoin price forecast had been muted of late, primarily due to the China ICO block, where the country no longer allows initial coin offerings (ICOs) and is looking to institute a wider crackdown against cryptocurrencies in general.
The news out of China sent Bitcoin in a downward spiral, losing about a quarter of its value in a few short days and leaving the BTC price fluctuating between $3,700 and $4,000 for about two weeks.
But now that Bitcoin has jumped over the $4,000 mark, bulls can breathe a sigh of relief. The movement past $4,000 was what many investors and Bitcoin owners were waiting for as the market proved cautious after the fall.
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With the price now around $4,050 and climbing, my Bitcoin price forecast that I’ve stuck to since mid-September might seem a bit conservative. I didn’t think that Bitcoin would be able to break out of its slump so quickly. As such, I’ve been saying that BTC would climb to $4,500 by year’s end.
But with today’s development and strong performance, I don’t see why BTC can’t hit around $5,000 by the time 2018 comes around, provided there’s no calamitous news that comes out and sabotages the Bitcoin price rise.
Bitcoin made much-needed progress today. It surged past $4,000, which is a level that it had been stuck at or below for the past two weeks. With that barrier broken, the Bitcoin price forecast looks rosy.
The coin has all the potential to hit $4,500 by year’s end (my initial projection), but due to BTC breaking out from the China ICO slump earlier than I anticipated, I’d imagine that the BTC price forecast could be even more optimistic than that.
We’re looking at a rise to $5,000 by 2018 if everything goes smoothly, and that’s the exact type of growth that BTC owners want to see.