The current Bitcoin price trend is subject to a lot of debate. Many people expect it to collapse at any given moment. Some analysts are very optimistic and expect prices to hit as high as $15,000 in the coming weeks.
Bitcoin Price Ascension Continues
Given the overall negative trend throughout 2018, Bitcoin’s current momentum is very surprising. Its price has gone up for over a week on end now. That is very unusual, as earlier trends this year lasted all but a few hours. This particular Bitcoin price run is a very different creature in this regard. The world’s leading cryptocurrency continues to rise without too much market resistance.
Investor expectations remain quite bullish. Some analysts predict a Bitcoin price of up to $15,000 in the coming weeks. That would still require the value per BTC to nearly double compared to current prices. It is not unfeasible, but it seems highly unlikely. eToro analyst Matthew Newton is convinced the “bulls are back in town.” Nothing is ever set in stone across this volatile cryptocurrency industry.
Several key layers of resistance have been surpassed. Assuming the Bitcoin price remains above $8,000, a run to $10,000 may occur fairly soon. This is primarily based on technical analysis, which only tells part of the story. Anything is possible in the cryptocurrency world. Earlier this year, the Bitcoin price failed to reach $10,000 despite some initial promise.
Keeping the Momentum Going
Several days of positive Bitcoin price momentum get speculators excited. That is only to be expected after the tough ride throughout early 2018. Bitcoin veterans know these dips are bound to happen sooner or later, yet they often pave the way for new all-time highs.
Businesses are flocking to Bitcoin and other cryptocurrencies. A greater number of financial firms are becoming active members in the cryptocurrency sphere. There are a lot of reasons to show some initial excitement. It can be used to save on overall fees for cross-border payments. For firms with an international workforce, cryptocurrencies can make a world of difference. All of this positive momentum spells a bright future for the cryptocurrency and blockchain industry as a whole.
Reaching the predicted $15,000 price point will be very challenging. It will mainly depend on future regulatory developments and merchant adoption. The impending decision in India will help play a role in this regard. A decision by the country’s Supreme Court on the current cryptocurrency ban by the Reserve Bank of India may trigger another shock wave of negative momentum. The coming months will be crucial for the future Bitcoin price.
Do you think Bitcoin will hit $15,000 in the near future? Let us know in the comments below.
Images courtesy of Shutterstock.