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Why experts are eyeing $6,000 for Bitcoin at the end of the year
There are a few rocky months left in the year for Bitcoin, but experts are starting to predict that the digital currency could still rally another 40 percent to end on $6,000 for the year.
Many have had stabs at predicting the Bitcoin price at the end of this year of rapid rise, from stock picker Ronnie Moas who said he sees Bitcoin reaching $5,000 by the end of the year - although it already crossed that boundary recently.
Bitcoin has seen a lot of activity in the third quarter of this year, from dramatic rises to forks and bans on ICOs. However, despite the ups and downs, it has been a growing market overall.
Bitcoin was up over 74 percent in September, but the shifting landscape of governmental regulation and technology decisions has seen it bounce up and down recently.
The much anticipated and feared Aug. 1 fork, which went ahead, showed the differing sides of Bitcoin’s volatility as the fear of the fork caused a minor collapse, before a rapid growth.
Bitcoin Cash was created, but the fear and worry about the new currency was unfounded as Bitcoin quickly skyrocketed after the infighting ended and a consensus was reached on the scaling debate.
While the news of China’s crackdown was seen as negative, and the markets reacted as such, the recovery has seen a shifting in power. Japan has now emerged to take China’s mantle as one of the leading cryptocurrency nations.
Japan has been more open to cryptocurrencies. Regulators there legalized Bitcoin and major retailers have begun accepting it as payments. Japan's Financial Services Agency (FSA) also officially recognized 11 companies as registered cryptocurrency exchange operators.
This quarter has also seen Bitcoin reach its most up to date all-time high of $5,013, and although it dropped off substantially after crossing the $5,000 mark, the indications are that $5,000 is not too far off again.
However, it is the new mark that has many guessing, and there is a lot of promise around the $6,000 mark.
Thomas Glucksmann, head of APAC business development at Gatecoin, a cryptocurrency exchange, has told investors to prepare for a lot of volatility, but to expect $6,000 soon.
“Throughout the year we've been predicting the Bitcoin price will surpass $5,000 and creep closer to $6,000 by year's end. That prediction is looking more in line with market sentiment these days," Glucksman said.
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