Forbes Analysis: Bitcoin's Epic Rise Past $5000!
Bitcoin prices have seen a lot of volatility in 2017. They've gone to $5000 and retracted quite a bit since their new all time high. But many people want to know when if ever Bitcoin will get back to $5000 and beyond...
In this article I will analyse a few factors mentioned in a recent forbes article reviewing factors that would contribute to a more favorable environment for Bitcoin traders.
Factor #1
The return of buzz, which will bring buyers back to the market. And that will take a catalyst, like the rollback of China’s ban on Bitcoin and other cryptocurrencies, which killed Bitcoin’s buzz in the first place.
Agreed. If China goes back on this ban and lightens up the hard talk on Bitcoin we could see a very sharp increase in price.
Factor #2
Another catalyst could be a financial crisis which could make Bitcoin the “safe heaven” asset, as investors flee financial assets. Like the 2008-9 financial crisis that extended across almost every asset category. Or a sovereign debt crisis.
I'm not completely sure about what would happen in this scenerio but agree that a financial crisis could positively affect Bitcoin prices. I would use Venezuela as an example of how Bitcoin is used in times of financial crisis.
Factor #3
And there’s the prospect of an endorsement by a major Wall Street institution, which wouled increase awareness among investors, helping the demand for Bitcoin cross the “tipping point” and reach cascade.
Wall Street has a lot of power when it comes to twisting an investor's arm. There has been a lot of FUD spread by Wall Street historically but you can bet that the possibility is there that a major firm may decide to
endorse the shiny digital cryptocurrency (after they fill their bags first of course).
Techblogger Wrap Up
These are just a few factors that could send Bitcoin skyrocketing past $5000. What other factors could affect the price in a way that would result in a huge exponential increase in fiat terms?
Please leave comments and feedback below.
Thanks for reading!
Source:
Four Things That Could Take Bitcoin Prices Above $5000 - Forbes
thank you for share
Volumes were way higher last time on the way up, meaning a lot of people are going to want to sell for break even or small profit and reduce risk IMO. I think we're going to start seeing some more bear pressure here before too long. If we do get to around the same level, it would most likely be a double top and we'd see a pullback and bulls would have to fight to get back to $5k.
Bitcoin is in a good mode i admit ...
upvoted my dear
Ha ha ha .. nice
Upvoted!
Bitcoin's rise is astronomical...It's just marvelous in the site of bitcoiners.
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