Bitcoin
Bitcoin (BTC) Prices to Spearhead $5000 in 2017
Bitcoin has proved that virtual currencies could be successful and is also credited with making the underlying Blockchain technology a big hit in the financial world. However, after reaching the peak of $5000 about two weeks back, the most popular digital asset has got into some major headwinds. After a long time, BTC prices have dropped below $4000.
The sentiment has been increasingly turning negative since China announced its plans to crack down on Initial Coin Offerings (ICOs) and banned trading of virtual currencies on domestic exchanges. But the recent spate of news does not bode well for BTC and in fact, Bitcoin price prediction could take a nosedive from here.
JP Morgan’s Jamie Dimon said in an investor conference in New York, that Bitcoin was a fraud and worse than the tulip mania. The comment has not gone down well as the Bitcoin prices are struggling to hold in the green and have dropped to below $4000 levels.
Bitcoin price prediction has become even more difficult as the current indications point to the direction of it being in the bubble category. Moreover, the governments of major countries are sending the signal that these currencies shall not be allowed to operate without their oversight and regulation. This is the big factor that will continue to put pressure on digital currencies and Bitcoin price.
However, it was in November of 2015 that Jamie Dimon had predicted that Bitcoin will not survive. On that day, it had closed at $386.35. Bitcoin price in 2017 has gained by almost 1000% since then.
In August, the big news was Bitcoin Fork where the bitcoin community came together to bring about a change in software to speed up the transaction time. This resulted in Bitcoin Cash and the higher prices for Bitcoin. There is a possibility of another split in the month of November, which could further boost BTC price.
But anything is possible for Bitcoin in 2017. It could tank, or could more than double. However, the one sure thing is that the volatility associated with Bitcoin is unlikely to go. On the positive side, it has the charm of a secure digital currency that has no central issuer, this is what had made Bitcoin popular in the first place and shall continue to work in its favour in the coming years as well.
Bitcoin has shown that secure digital payments are possible at a lower cost, as it got rid of the middlemen and gave more power to the users. However, it shall continue to face competition from other digital assets that claim to offer enhanced performance.
The following Bitcoin price chart shows the movement of Bitcoin price in 2017 and how it has come a long way since the last year.
With Bitcoin futures likely to make an appearance, the BTC prices space shall never be short of action and excitement. Bitcoin may be getting hammered at the moment, but as long as people are interested in this virtual currency, it shall not go out of favour. Bitcoin may see more action from various governments but its status as the transparent currency is likely to take BTC price higher. There may be volatility but the upward trend is unlikely to halt, even if the current headwinds keep pulling down the battered currency. However, the path to $5000 has become tougher now.
Warren Buffett on Bitcoin Is the Wrong Source to Seek Out With Bitcoin (BTC) and cryptocurrencies in general being by far one of the hottest trades going in 2017, everyone has an opinion about this fascinating new industry. Many are positive. Many are also pretty negative. You have all sorts…
Bitcoin prices have a hit a bit of snag lately. After the China ICO fiasco, where the country announced that it will no longer allow new initial coin offerings (ICOs), BTC prices plummeted from near $5,000 to $3,200. The coin has made a recovery, however, bouncing back to…
There's good news and bad news for Bitcoin (BTC) bulls today. The bad news is that BTC hasn't shown much in the way of gains over the past week. The good news is that it also hasn't shown much in the way of losses, either. And considering the wild swings…
Bitcoin appears to have levelled off, showing gains of about $200.00 so far this week, but showing no signs of a massive swing one way or the other. The stability is a welcome respite from the movement the market witnessed over September, where the China ICO block caused…
Bitcoin (BTC) is once again nearing the all-important $4,000 threshold, a significant bounce-back compared to last week's low point of $3,200 that came as a result of China's crackdown on initial coin offerings (ICO). Of course, the brightest cryptocurrency future has to include the Chinese market and its…
Bitcoin Turned $25 into $34 Million Bitcoin, bitcoin, bitcoin, bitcoin, bitcoin, bitcoin...bitcoin. It’s all that anyone seems to be talking about, yet the volatility of Bitcoin is terrifying. Double-digit swings are a normal occurrence. And no one can explain what it does, at least not in plain English.…
Who Is Kim Dotcom? If cartoon villains entered the real world, they’d probably look a lot like Kim Dotcom, the notorious Internet entrepreneur who founded Megaupload Ltd. Not only does he live in a remote part of the world (New Zealand), but his ongoing feud with the U.S.…
Can You Become a Bitcoin Millionaire Overnight? Bitcoin price predictions aren’t exactly hard to come by these days, but most articles avoid the tough questions, such as: “Is it too late to become a Bitcoin millionaire?” That is because those types of questions are hard to answer. Most…
Bitcoin: The Blow-Off Stage Is Now Upon Us Cryptocurrencies are the latest rage, and nothing quite grabs headlines like Bitcoin and Bitcoin prices. This past weekend, the Bitcoin price crossed the $4,000 threshold, and for someone like myself who expresses his opinions on investment products, this feat marked…
Bitcoin Prices Smashing New Records as Institutional Demand Gains Traction Bitcoin prices keep reaching lofty levels in 2017, with no slowdown in sight. The latest Bitcoin record high took out a significant price prediction by Goldman Sachs Group Inc (NYSE:GS) of $3,900 for 2017. And there's still four-and-a-half months left to…
The Coinbase Bitcoin Cash Affair The cryptocurrency market is a young one and as such, is in a constant state of flux as it tries to find its place in the world. Much like other industries in their infancy, there's a whole lot to sort out before the…
Making Sense of the Bitcoin Cash Price The Bitcoin Cash price has been on the minds of nearly every player in the cryptocurrency market. As Bitcoin Cash (BCH) attempts to follow its older sibling, Bitcoin (BTC), on a path towards success, many investors are wondering whether this new coin…
Bitcoin Cash Price Prediction Making predictions in the cryptocurrency market is an easy way to look foolish. Things rise and fall with such wild swings that it's virtually a guessing game half the time because so many unexpected things can happen. That being said, this doesn't necessarily apply…
What Is Bitcoin Cash? Bitcoin (BTC) has officially split. In what is called a "hard fork," the most famous and largest cryptocurrency by market cap has spawned an entirely new and competing virtual coin called Bitcoin Cash (BCH). Many investors are stuck asking "What is Bitcoin Cash?" and…
Bitcoin vs. Bitcoin Cash (BTC vs. BCH) In a move that has been anticipated for months, Bitcoin has officially split. Called a "hard fork," Bitcoin (BTC) now has a separate competing cryptocurrency vying for the market called Bitcoin Cash (BCH). The BTC vs. BCH divide has now officially…
Bitcoin Prices With Bitcoin prices fluctuating as many expect them to—with large, unexpected shifts upward and downward—investors interested in making money off the cryptocurrency are keeping their ears to the ground in anticipation of any Bitcoin news that may tip them off as to which way the wind…
Where is Bitcoin Headed? Some analysts refuse to make a Bitcoin price prediction for 2017. They say the “right” words but, when push comes to shove, they don’t give us a concrete Bitcoin price target. I suspect it is because they don’t understand the technology. I made that…
Why Bitcoin Prices Are So Volatile Anyone interested in cryptocurrencies has seen strange terms like “Bitcoin split,” “BIP 148 UASF Bitcoin,” and “Bitcoin SegWit.” What do they mean? More importantly, are they connected to the sudden increase in Bitcoin volatility? The short answer to the second question is…
Why Is Bitcoin Volatile? Bitcoin prices are not known for their stability, which is odd, considering that the currency’s end goal is to “replace fiat money.” That goal is likely to go unfulfilled if Bitcoin volatility remains this high, because no one holds onto cash that can drop…
From: Michael Lombardi, MBA