Up, Up, and Away

Earlier in November, analysts from Goldman Sachs predicted that bitcoin's price would soon reach $8,000, which it did on November 16. The value then rose higher than $8,100 barely three days later.

After briefly dipping back below $8,000 by the end of November 19, the world's most popular cryptocurrency shot back up again on November 20, climbing above $8,200. Bitcoin is now worth $8,274, as of writing.

The recent fluctuations in bitcoin's price are the result of a combination of several developments. In late October, CME Group — the world's largest exchange owner — opened up to bitcoin trading. Additionally, a controversial bitcoin blockchain hard fork was suspended in early November, and Bitcoin Classic ended up shutting down in favor of Bitcoin Cash.

A Volatile Future

In the past four months, bitcoin's price has reached record-breaking highs, with the value of the cryptocurrency almost doubling since August. The meteoric increases have been read by enthusiasts as signs of what's to come, with bitcoin slowly creeping into the mainstream. Critics, on the other hand, see it as further proof of bitcoin's volatility and that the crypto is a "bubble" that could burst soon.

While predictions vary, most experts seem to agree that the price of bitcoin will continue to increase. A former Fortress Investment Group hedge fund manager suggests it could reach $10,000 by the first half of 2018. That's a relatively moderate call, considering how one veteran trader thinks bitcoin prices could hit $15,000 before the end of 2017. In the long run, the popular cryptocoin could reach $20,000 to $25,000 in the next three to five years, but only time will tell how it actually performs.

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.

Share This Article