Just weeks after crossing the $7,000 milestone, bitcoin surged to a new all-time high on November 16, peaking at $8020 on the Bitfinex exchange. This marked the first time the cryptocurrency's value passed the $8,000 mark, though it dropped back down to $7,896 at the time of writing.
Earlier this month, Sheba Jafari, the vice president of the Goldman Sachs FICC market strategies team, predicted bitcoin's value would consolidate somewhere around $8,000. “The market has shown evidence of an impulsive rally since breaking above 6,044. Next in focus $7,941. Might consolidate there before continuing higher,” she wrote in a note to investors, according to CoinTelegraph.
Whether she's right and bitcoin lingers around $8,000 or immediately continues upward is up for debate. Veteran trader masterluc said in August that he expects it to hit almost double that — $15,000 —before the end of the year, and FundStrat Global Advisor co-founder Tom Lee believes it could surge to $25,000 over the next five years.
With bitcoin gaining acceptance in the mainstream, neither of those predications are outside the realm of possibility.
Disclosure: Several members of the Futurism team, including the editors of this piece, are personal investors in a number of cryptocurrency markets. Their personal investment perspectives have no impact on editorial content.