As the only one of the top five cryptocurrencies to have appreciated in the last 24 hours, you could say that Bitcoin is the cool kid at the party (again). It is fast approaching our Bitcoin price forecast.
Many of them are rotating funds from altcoins to Bitcoin. This could either be an attempt to capitalize on soaring BTC prices or else voice support for Bitcoin Classic ahead of the hard fork. Or perhaps it’s both—they aren’t mutually exclusive, after all.
For those who may not be familiar with the Bitcoin hard fork, it is an attempt by renegade Bitcoin developers to protest upgrades to the blockchain. There was a similar attempt at the start of August, which some of you might remember resulted in the creation of Bitcoin Cash.
There was a lot of suspense before the August 1 fork. That tension drove BTC prices below $2,000, but here’s the important part: It failed to hold them there. Investors came to their senses almost immediately after the fork went into place.
BTC accelerated back towards our $10,000 Bitcoin price prediction, stumbling only when China banned cryptocurrency trading. There’s been a steady recovery since the initial shock of that decision, though the upcoming fork threatened to stir up trouble for BTC prices…
…except that it didn’t. Investors had obviously learned their lesson the first time around, which made them less eager to take the bait this time. They’ve read the Bitcoin news and are voting with their pocketbooks.
That’s why the Bitcoin to USD exchange rate soared 4.37% to $4,835.11 on Tuesday morning.
The gap between Bitcoin’s current level and $5,000 is just 3.4%. It’s nothing. It’s a narrower gap than Bitcoin crossed in the last 24 hours, which highlights the fact that Bitcoin could reach $5,000 today or later this week. One trading session is all it needs.
From that point onwards, BTC is likely to accelerate towards our $10,000 Bitcoin price forecast, albeit with minor corrections along the way.
Also Read: Bitcoin Price Prediction 2018