It looks as if every expert has come out with a bullish Bitcoin price prediction again. More specifically, the new estimates predict a Bitcoin price of $6,000 by the end of 2017. Most of this positive momentum will hinge on whether not SegWit2x causes any major problems. It is certainly true this fork is highly contested right now. Then again, the fork itself shouldn’t have a major effect on the Bitcoin price right away.
A lot of people will be glad to see the Bitcoin price soar to $6,000. That is, assuming the predictions by experts come true in the end. It is certainly true Bitcoin has had a good run throughout 2017 already. With the price hitting $5,000 briefly already, there is still a lot of room for growth. Right now, the same Bitcoin is valued at $4,260, which means there needs to be a lot of momentum tor each $6,000. Then again, we have seen stranger things happen in the world of Bitcoin.
Bitcoin Price Will Soar Before the Year is Over
Moreover, this price growth will not come that easy. There has been a lot of resistance in the markets already. Recent regulatory scares in China have caused a fair bit of problems as well. However, the fork of Bitcoin Cash didn’t hurt the Bitcoin price all that much. Nor will the SegWit2x hard fork come November, by the look of things. It remains to be seen how many people will effectively support said fork moving forward. A lot of companies have already withdrawn support. Sadly, this amount of infighting will continue to cause some issues, though.
Gatecoin’s Thomas Glucksmann comments as follows:
“Throughout the year we’ve been predicting the bitcoin price will surpass $5,000 and creep closer to $6,000 by year’s end. That prediction is looking more in line with market sentiment these days. However, more volatility will be ahead in November due to the SegWit2x fork.”
That being said, a fork is always contentious. This is especially true in the Bitcoin world, as a lot of mining pools seemingly favor SegWit2x right now. If the mining support for Bitcoin were to drop off, things can get pretty difficult for the main Bitcoin blockchain. It is still too early to tell what the future holds, though. A lot can happen between now and November, that much is certain. For now, a Bitcoin price target of $6,000 is more than feasible.
Header image courtesy of Shutterstock