Bitcoin surpassed $8,200 breaking a new record on Monday after reaching $8,000 another record on November 20. Many predict that Bitcoin will continue to rise in the coming months.
The world’s no. 1 cryptocurrency bitcoin continues to climb, reaching $8,274 as of today, validating predictions from analysts at Goldman Sachs in early November that bitcoin was on track to reach $8,000. It reached the $8,000 mark on November 16 and then 3 days later it climbed to $8,100.
Possibility That It Could Go to $25,000
One veteran trader believes that in 3 to 5 years the cryptocurrency could go as high as $25,000. While in the nearer future a former hedge fund manager at Fortress Investment Group believes that by the first half of 2018 Bitcoin will hit $10,000.
Factors Surrounding the Price Surge
The recent announcement by the world’s biggest exchange CME Group that they were going to open up bitcoin trading at the end of October saw Bitcoin rally. Another factor was the much anticipated blockchain hard fork, SegWit2x which was due in mid-November but was cancelled.
In only 4 months Bitcoin has surpassed record breaking highs, doubling its value since August. But, there are some critics that believe that its bubble will burst soon.
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