As predicted, Bitcoin (BTC) has only continued to climb since getting past that pesky $4,000 threshold. While the coin has been in this territory before, the major event that waylaid the cryptocurrency’s progress was that unexpected Chinese ICO block.
With no calamitous news hitting the coin in the past few weeks, investors are bullish again on BTC and the coin is surging once more, getting to $4,250 just a day after the digital currency crossed $4,000, before falling a little bit back to about $4,166 as of the writing of this article.
The BTC rise was slowed a bit by a failed move that would have seen BTC traded more like stocks, making it easier to buy and sell. Grayscale Investments LLC said Intercontinental Exchange Inc‘s (NYSE: ICE) NYSE Arca exchange withdrew a request with the United States Securities and Exchange Commission to list its Bitcoin Investment Trust (OTCMKTS: GBTC). The listing, had it been successful, would have facilitated trading Bitcoin. (Source: “Bitcoin blow as fund drops U.S. exchange application,” Reuters, September 28, 2017.)
But that will likely end up being a minor bump in the road compared to the China ICO block.
The BTC rise is likely wide open for the rest of the year. The coin should be able to climb above $4,500 and even nip at $5,000 again, which I imagine will serve as the next major wall for BTC.
Does that mean that BTC won’t pass $5,000? Of course not. I think that the coin has the potential to do far better than that, but I do think that 2017 will likely see BTC end up around $5,000 as the year turns.
But then again, every time you make a prediction about Bitcoin, it rarely follows suit, either surpassing all but the loftiest estimates or totally falling out due to some unforeseen news.
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After all, that’s the half the fun when it comes to playing BTC. The uncertainty and speculation drive the coin and that’s what makes these swings so massive, but also so valuable.
At the moment, the black mark on BTC that came about due to the China ICO block has been lifted and good times are once more on the horizon for BTC owners.
With Bitcoin back on the right side of $4,000, we can expect strong gains to resume and carry the coin into the end of 2017.
My Bitcoin price forecast has the digital currency at above or at least very close to $5,000 by the end of the year. Then again, that may be too conservative, but I like to leave room for those lovely little Bitcoin surprises that can either shoot BTC well past $5,000…or bring it tumbling back down.
All things considered, it’s looking like the $5,000 mark is a good marker to set for the end of 2017.