On Sunday trading, the bitcoin price had touched the mark of $8000. Just a few days back, the price has been trading within the range of $6000 to $7000. Nonetheless, again the price was back to its pre-dip level. Ultimately, it is now reached all new high of $8000.
Recently, Business Insider reports that Sheba Jafari, Goldman Sachs says in a note, this year bitcoin has gained more than 600% and at present trading above $7500. He believes that it could threaten the mark of $8000.
“It exceeded an equality target from the July low at 6,044. This break indicated a potential for an impulsive advance, one that could reach at least 7,941. This is the minimum target for a 3rd of 5-waves up and should, therefore, be a level from which to watch for signs of a consolidation”.
According to Coinmarketcap, the bitcoin was trading at just under $7800. Later on, the 15 minutes of trading, the price jumped above $7900. At last, the spike which ended with bitcoin striking $8100.
At present, the price of Bitcoin is trading at $8048.69.
Considerably, three factors contribute to the movement of the bitcoin price rally:
- CME’s bitcoin futures: Since, CME, announced it will be adding Bitcoin futures contracts to its products offerings. As analyst were counting the days for the Wall Street’s major entry in the crypto world.
- Successful lightening- Atomic swap: This is another factor influencing bitcoin’s rally is the successful completion of off chain atomic swap. Nonetheless, the lightning network reaches mainet implementation, the feature will enable the creation of decentralized cryptocurrency exchange.
- Segwit2x: According to a head of research at Blockchain Capital, Spencer Bogart told on Bloomberg Quint,“some capital is rotating out of other crypto-assets and into bitcoin to make sure they receive coins on both sides of the fork”. Since few analysts believe that the bitcoin price received a small bump due to the fact that percentage of miners sustain to signal for Segwit2x. Even though, the most prominent fork advocates had called for its cancellation.
Overall, the most prominent cryptocurrency, Bitcoin, its price rally is increasingly facing towards the all-time new high record.