Cryptocurrencies are becoming popular day by day. In 2017, Bitcoin has bounced back from few setbacks. Still, many of us believe that there is a lot of potential left for the leading cryptocurrency.
“It seems more and more institutional money will be finding its way to the market. This alongside the continued growth of amateur investors who are getting involved after hearing success stories from many of their friends and family members who have enjoyed some incredible returns on their investments”.
Alena Vranova, Former CEO and founder of SatoshiLabs tells that still a bitcoin can reach all-time highs by this year. Thus, noticing that she retains a strong view on Bitcoin with the best-developed market, code, and services.
“This year’s all-time high may not have been hit yet. I’d expect that resolution of the network combustion and a wave of newcomers to Bitcoin will add to Bitcoin price growth”.
Bitcoin, the most popular currency has passed few tests in recent weeks. One among them is the “technical test”, of exceeding price resistance like $5000, $6000 and $7000. Thus, it can be a strong review for investors to determine the market directions.
The next is the “Wall Street Test”, which warmed up of major financial exchanges to the digital currency. It can be a relevant indication for investors and that could boost the demands for the crypto assets.
Since yet another test proved that Bitcoin can survive and prosper. Thus, it is “China Test”, in which the ability of the bitcoin market to elude ban in trade of the product.
Also Read: Different Factors Facilitating Bitcoin Price
Cashaa’s CEO and Founder, Kumar Gaurav tell that the recent Bitcoin price drop of almost 30% from it all high time. He notes that Bitcoin price can be a parabolic curve from overall trend of the past two years.
“Since April, we have seen a movement towards this stage, with the most recent run being longer and steeper than any run before it. In this case, if Bitcoin continues to quickly recover and resume a fast growth, we would see it around $10,000 within a year. Otherwise, if it goes back to a slower growth more consistent with the past two years`, it would “only” become around $3,000 within a year. In the long term, if the scaling issue gets solution, we may see it well above $10,000 sooner or later in any case”.
Recently, in Japan, Bitcoin is now officially recognizing as a medium of payment. Similarly, with up surging demand countries like Australia, Russia and India are aiming to start adopting Bitcoin.
Considerately, these optimistic opinions have brought the buzz for the digital currency. Since allowing it to get close to a high record of reaching $10000.
Image Source: Bitcoin Price