Filed Under:  Bitcoin Trading

Bitcoin Price Headed for $6500 in Bullish Cryptocurrency Market

30th October 2017   ·   0 Comments

 

Bitcoin’s price is currently sitting well above $5000, over a month after it first hit that record high milestone back in September of this year. Since then it has moved somewhat predictably, though often still surprisingly, to reach its current market trading price of around $6000. The simple truth is that there have been many points of interest in the cryptocurrency market over the past few weeks, and no other coin has been affected by them more than Bitcoin itself.

So what’s next for Bitcoin? It was news when it broke $700, then $1000, and earlier this year, analysts and enthusiasts predicted that it could break the $4000 barrier by 2018. Since we’re well past that now and haven’t even finished half of the last quarter of the year, there’s plenty of indication that a new record high price could be set yet again. This time, it looks like Bitcoin might be headed for $6500.

How Bitcoin Got This Far

According to a recent price analysis using data from SimpleFX, Bitcoin’s price could go well above $6000 at this point if not for the usual market forces, such as sellers appearing and preventing gains towards this number. Just in the past few days, Bitcoin’s price in USD neared the 6k mark a couple of times, but didn’t manage to break it until now. The bulk of Bitcoin’s share price activity happened in the $5600-$5800 range, and now it’s already trading well above that point as mentioned earlier.

With the way things are going at the moment, either one of two things can happen. One, there could be a break below to sub-6k price territory–CoinDesk estimates that the odds for a drop to around $5400 are high. But at the same time, there’s also a chance that the current uptick could continue and eventually hit a few hundred dollars higher than only 6k at $6500. This would be the new record high Bitcoin price and will be the highest that it has ever been since cryptocurrencies first came into existence.

The Case for More Price Surges

At the moment, it’s fair to say that anything can happen. After all, Bitcoin has always been infamously volatile, responding in kind to market forces and events like the shuttering of major payment systems and the occasional security breaches. But over the past few weeks and months, we’ve seen an increasing demand for Bitcoin as well as loads of support for it coming from not just the private sector where investors, analysts, and enthusiasts reside, but also the public which is finally starting to warm up to the use of cryptocurrencies. You’ve now got several countries, particularly those in Southeast Asia, which are starting to take the first steps necessary to fully legalizing and spreading the use of Bitcoin. It may not be long before we see more widespread recognition which would, of course, also increase Bitcoin’s value.

Some may refer to previous peaks in Bitcoin’s long and storied history as proof that an unavoidable pullback is coming. That’s mainly where the idea of Bitcoin price going all the way back to around $5500 instead of rising up to $6500 comes from. But to say for sure that it’s an inevitability is to ignore almost all of the new market forces that have recently started to drive the price of Bitcoin upward. The efforts that have gone towards the Bitcoin hard fork have also contributed here, of course. And that’s just one of the things that’s helping to push for more price surges.

Where It Could End

While the marker for $6500 is clearly on sight, there are some indications that the uptrend in Bitcoin’s price may continue on through the end of 2017. Tying in with the earlier point about new markets opening up in Southeast Asian countries, more money is expected to be pumped into the bitcoin economy and the cryptocurrency space in general, which is what would lead to yet more increases in Bitcoin’s market value.

This mass of new liquidity will surely be a welcome one, and an added benefit would be that it would cause even more investments to be added later on from those who would happen to find out about what’s happening with Bitcoin at that point in time. Of course, this is all speculation for now, but as with previous peaks and price surges, the writing is already on the wall. And as always, the long-term outlook stays strong and highly in favor of Bitcoin.

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