After teasing the $8,000 mark a couple of times last week Bitcoin is solidly in $8,000 territory with a $9,000 price point on the horizon. For all the naysayers and doubters let’s look back to the events of just a week ago when Bitcoin “collapsed” to roughly $5500 on the news that Bitcoin Cash was gaining ground in cryptocurrency. All told Bitcoin rebounded by nearly 50% to fresh all time highs.
While Bitcoin Cash remains viable the blistering blast of Bitcoin values smashing through all previous records earns center stage.
While there is no end of speculation as to which new cryptocoin will emerge as “the next big thing” there is even more speculation and common concurrence that Bitcoin itself remains that next big thing. And growing bigger every day. Bitcoin’s price dip last weekend came after a proposed upgrade to the bitcoin network, SegWit2x, which was planned for November 16, was called off leading to something of a Bitcoin rebellion whereby many cryptocin enthusiasts switched to Bitcoin Cash. The original purpose of the hard fork was to increase the transaction speeds of bitcoin by upgrading from 1MB to 2MB blocks as 1MB blocks are seen as too cumbersome given the sheer volume of transactions which seem to be experiencing increasing back ups to work flow.
Meanwhile, there has been a slew of positive news which has supported the bitcoin price such as Square’s announcement of allowing Bitcoin trades in their app. Then there’s the favorable adoption of Bitcoin in swaths in Africa and in Japan which has counterbalanced clampdowns from regulators in countries including China and South Korea.
CME CEO Terry Duffy told CNBC that the futures product could be available by the second week of December. It would not surprise us to see Bitcoin blast straight through $9,000 and into $10,000 territory by the beginning of 2018.
Bitcoin Price Predictions Of the Moment
Last night bitcoin pricing hovered just a tad below its high of $7500 USD at about $7300. This morning I woke up to a puzzling nightmare — bitcoin dropped by about $500. As bitcoin price predictions go this was impossible to predict as are most other bitcoin price moves. As a bitcoin miner much more than a bitcoin investor in the strict sense of the word, bitcoin price fluctuations are fascinating. As bitcoin values increase, bitcoin mining gets more difficult but more rewarding. As the current market price drops, I can mine bitcoin more easily and just sit on the coins and wait for them to go up.
Bitcoin investors do pretty much the same thing. It’s the typical “buy low, sell high” approach. Stories abound of fortunes being made on bitcoin thanks to the pennies-in-your-pocket value bitcoin had a few short years ago leading to soaring prices such that millionaires are made of mediocre people among the masses almost overnight. The most famous story of them when it comes to bitcoin rags-to-riches is the student in Oslo who bought bitcoin at $27, forget he did so, then one day realized he was a millionaire. Talk about bitcoin price predictions! I’ll bet he never dreamed he’d be rich based on a throw-away academic exercise.
Bitcoin articles are churned out on an almost daily basis speaking to bitcoin bubbles across the spectrum to bitcoin pricing go as high as $500,000 in jst a few short years. John McAfee made the boldest statement in this regard and made a bet on bitcoin price prediction that had a CNBC news anchor almost blushing during her interview with the redoubtable Mr. McAfee.
If you ask Chase bank’s Jamie Dimon for his bitcoin price predictions he;ll tell you that bitcoin is a bubble that will drive people broke. If you ask John McAfee he’ll tell you everybody involved with bitcoin will be rich. Then there are are several other high-profile people in the realms of tech and finance (and fintech) that have their own predictions and calculations. In the main they are very positive and optimistic to say the least. In fact, some of the most optimistic bitcoin price predictions made within just the last four weeks ended up being far more conservative as bitcoin shattered through new price records on an almost daily basis.
When China dropped the hammer on bitcoin just a couple of months ago followed up with Jamie Dimon’s bitcoin bubble comments, bitcoin pricing was in free fall. But it quickly rebounded. Then high record highs. Then CME;s bitcoin announcement sent bitcoin values through the roof.
After diving into the world of bitcoin less than three months ago first as an investor buying bitcoin via Coinbase then embarking on a journey of discovery into the world of bitcoin mining my bitcoin price predictions are optimistic to say the least. Proof of that is my own bitcoin investment of thousands of dollars in bitcoin mining equipment along with hundreds upon hundreds hours of my time perfecting the bitcoin mining process.
The result? I make money with bitcoin every day and I expect to be a very rich man in a relatively short amount time.