Well, weâ€™ve all heard some rather crazy bitcoin price predictions throughout the year, but this one is likely to take the cake.
Bitcoin Heading for the Stars? Who Knows?
According to one source, the price of bitcoin is set to reach $16,000 by the time the month is over. It then asks the question, “Is this still possible?”
As much as weâ€™d like to believe that bitcoin has the strength to add roughly $7,000 to its price within a few short days, the likelihood of this happening within that time is relatively slim. BTC, for the most part, has enjoyed a strong few days since last Wednesdayâ€™s drop. The currency had been traveling through the low $8,000 range for most of October after Bakkt debuted to rather disappointing reception.
However, nothing could have prepared us for the second drop that would come within 30 days. Mark Zuckerberg - the CEO of Facebook - was set to testify before Congress regarding Libra and the companyâ€™s financial dealings in the coming months. However, this proved to be a little too much for both cryptocurrency and its enthusiasts. The currency fell by another $800 unexpectedly, and ultimately crossed into the mid-$7,000 territory.
This happened less than a week ago. The currency has managed to add to its size and stamina and ultimately expanded to $10,000 over the weekend. While this relatively high number didnâ€™t last long, the currency has only slowed down to about $9,400. Thus, BTC has managed to regain some of its momentum.
Itâ€™s a positive and powerful sight to behold. Unfortunately, itâ€™s not enough to convince many enthusiasts that bitcoin will rise to $16,000 by the monthâ€™s end, though to be fair, we must leave every option open. After all, bitcoin has behaved very strangely in the past, and that sometimes is to our benefit.
In 2017, the currency rose by roughly $15,000 in about three months. From September to December of that year, bitcoin spiked from $5,000 to about $20,000 at the yearâ€™s end.
Of course, 2018 is a completely different story in which all those gains were completely lost, and the currency found itself trading at 70 percent less value than when it first entered the month of January.
The Year Is Nearly Over, but Some Think BTC Isnâ€™t Done Spiking
While October may be closing, we still have November and December of this year to account for. Two months is a long time for something to happen, so perhaps bitcoin could reach $16,000 during that time. The end of October seems far-fetched, but by the end of the year? Thatâ€™s more than doable granted bitcoin can keep up its present stamina.
Other big predictions to strike bitcoin this year stem from figures like continual bitcoin bull Tom Lee, who suggested BTC would end 2019 at an even $40,000.
Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.
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