Bitcoin: What next for the cryptocurrency as price passes $10,000?

  25 June 2019    Read: 985
Bitcoin: What next for the cryptocurrency as price passes $10,000?

Nearly two years after passing $10,000 for the first time, bitcoin has once again returned above the price milestone.

In the intervening time, bitcoin‘s value has swung between highs close to $20,000 and lows south of $4,000, as volatility has come to characterise the cryptocurrency.

It has made predicting bitcoin’s next move notoriously difficult, though six months of near constant gains have led some market analysts to forecast that its price may still be yet to reach its full potential.

“The bounce back of bitcoin has been fairly extraordinary, having been at $3,200 not even six months ago,” George McDonaugh, CEO of cryptocurrency and blockchain investment firm KR1, told The Independent.

“Those that thought bitcoin was a passing fad will raise an eyebrow as it passes $10,000... and I expect prices to surge after this mental marker is reached. Many will decide, as thousands do everyday, to buy some and see what happens.”

Bitcoin and other major cryptocurrencies like ether and ripple have remained relatively stable since passing the price point over the weekend, as investors wait to see whether momentum will continue in a positive direction.

For this to happen, interest from casual investors will need to pick up to a level similar to that seen in November 2017.

When bitcoin first passed $10,000, its seemingly perpetual price rise sparked a huge flurry of investments as people sought to make a quick profit.

A good way of judging this interest is through the number of online searches about bitcoin. Despite an uptick in searches across Google in recent weeks, it still remains at a fraction to what it was in late 2017.

Should this happen, the fear of missing out for a second time could trigger an even greater wave of investments in the cryptocurrency.

“Many traders will be looking to take some profits off the table now,” Glen Goodman, author of The Crypto Trader, told The Independent.

“But it’s worth remembering that last time bitcoin’s price broke through $10,000 it then hit it’s all time high of nearly $20,000 just 16 days later.”

 

The Independent


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