Bitcoin To Soon Reach $1700

[iamTom123]

Bitcoin has officially breached the $1500 level in some exchanges and there seems to be no end yet on sight for the rise of its value. Some are predicting that it can hit the $1700 level many days from now but correction at that level can set in and there would some adjustments in value.

I am wondering what are the contributing factors for this continuing rally?  Please share your ideas for the enlightenment and guidance of some readers (including me).

[HabBear]

Be careful when you read or hear "some are predicting $$$".

The only definite reason for the run up is because there are more buyers than sellers right now. That's it.

Obviously we want to know more than that, but the challenge with Bitcoin is that it's truly a global market, there's no corresponding fundamentals (like a stock investment), it doesn't have deep media coverage, and given the nature of mining it's a target for price manipulation.

We can speculate all day about what it could be that's driving this current price run, and as the days go on and if the price were to continue to increase we could have multiple factors that influence the price!

Maybe it's just attributed to the growth of the idea of bitcoin. What do you think it could be?

[pinkflower]

Bitcoin has officially breached the $1500 level in some exchanges and there seems to be no end yet on sight for the rise of its value. Some are predicting that it can hit the $1700 level many days from now but correction at that level can set in and there would some adjustments in value.

I am wondering what are the contributing factors for this continuing rally?  Please share your ideas for the enlightenment and guidance of some readers (including me).

Do you have any analysis to back up your statement? Please post any chart to show us what youre thinking and some fundamental analysis would be very helpful too. Sharing should go both ways.

[Herbert2020]

Bitcoin has officially breached the $1500 level in some exchanges and there seems to be no end yet on sight for the rise of its value.

there never was an end to bitcoin price rise! these prices we keep quoting and be happy about are ridiculously low for bitcoin. it should be worth $10,000 at least.

Some are predicting that it can hit the $1700 level many days from now but correction at that level can set in and there would some adjustments in value.

I am wondering what are the contributing factors for this continuing rally?  Please share your ideas for the enlightenment and guidance of some readers (including me).

if this rise is indeed because of ETF then it will continue rising up until the day SEC makes the decision (if anyone knows when it is please tell me). and if they approve it, then price will rocket to the moon, even possible to break $2000 but another rejection means another big correction back to possibly $1200 level.

[Sithara007]

It can easily attain that figure, as most of the alts are overvalued right now. When the alt bubble bursts, a lot of money from these coins are going to flow towards BTC. Right now, BTC is having a market cap of 61% of the total crypto. I expect it to increase to around 80% in the short term.

[DoublerHunter]

That price is so easy for bitcoin to reach because i think the next price that we will break is the 2000 USD price for 1 bitcoin. The price is rising so fast and i'm so surprised because i'm expecting that the bitcoin price will reach 1500 USD in the 8 month of the year but now it already touches the price and soon the 2000 USD price will be the next.

[arransiv]

It is absolutely possible to go to that level and I am sure it will soon reach it,the question is how much time it will take.It seems like BTC is on a run right now and who knows where it can go to as there are a lot of news which are positive and countries start accepting it officially.I think hardly anyone can predict what will happen from now on and it will be nice to see how the events affect BTC

[Mr.grin]

I'm sure, soon the bitcoin price will reach $ 1700. Maybe this will not be as long as we thought as before. Perhaps within 1 or 2 months the bitcoin price will reach $ 1700, or it may almost reach that price.

[nydiacaskey01]

Bitcoin may have breached $1,500 but looking at its movement, its having a hard time moving further like something is pulling the price back to $1,400
I looking at the price of Bitcoin while I work in my office and its a mix of emotions just by looking at it. Its good to see it surpassed ATH, its bad that I don't have enough in my stash anymore since I sold them but its not too late to buy at $1,480 and sell at $1,580 or higher.

[Sithara007]

I'm sure, soon the bitcoin price will reach $ 1700. Maybe this will not be as long as we thought as before. Perhaps within 1 or 2 months the bitcoin price will reach $ 1700, or it may almost reach that price.

The recent spike (~40%) can be solely attributed to the demand from Japan. The market cap of Bitcoin increased by almost $10 billion, after Japan accepted BTC as a legal form of payment. Imagine what could happen, if the Bitcoin receives such a recognition from the United States.

[Question123]

If you see the price of bitcoin now its around $1450 and I think the price of $1700 each bitcoin have possible to reach. I think maybe next week it might been happen or maybe 2 weeks more its depends on the demand and the supply. Im very shocked because last few days ago the price is $1300 and the price increasing fastly. And I hope the price increase everyday . Buy more bitcoin and hold it to make a lot of money.

[Kakumei]

It is now a bubble, when will bubble burst? You never know.

Keep fingers crossed now and hope that it keeps climbing.

[Amph]

It can easily attain that figure, as most of the alts are overvalued right now. When the alt bubble bursts, a lot of money from these coins are going to flow towards BTC. Right now, BTC is having a market cap of 61% of the total crypto. I expect it to increase to around 80% in the short term.

those money didn't went to bitcoin for a reason, they are on the alt to allow investors to pull off more bitcoin, and it doesn't matter how many bubble will burst in the alt scene, new one will always emerge

the altsection is the last beach to acquire tons of bitcoin with little investment, high risky yes, but for now there is only huge profit

i believe bitcoin can rise much higher without waiting for that money to return there, who is not familiar with the alt will invest directly in bitcoin who want more risk in the altscene

so the current value is not lower because they are investing in the altcoin, it's just the way the thing work here

[Alif Mahardika]

I'm sure, soon the bitcoin price will reach $ 1700. Perhaps within 1 or 2 months the bitcoin price will almost reach that price, or reach $ 1700.

[Joshapat]

Looks to be easily reachable in a month later, end of may I'm sure prices will reach $1700 and will never again drop below $1400.

[AK47-]

I think the reason comes from japan. Japan has proposed a bill for making bitcoin completely legal in the country. Due to this many people are buying it. More the demand, more the price.

[Pursuer]

lets not get hasty and ahead of ourselves. price is not in $1400 range an there is a <$300 gap to reach $1700 so it won't be "soon" for sure. unless by soon you mean in 6 months then that is a more possible speculation.

although I should add that these days the rising speed depends on a lot of factors. it is not just the regular slow $100 rise each month or so. but now there are a lot of good news, some of them hyped up more than they should, which are contributing to this rise.
we now have 2 big countries which adopted bitcoin (Japan) or at least shown more flexible attitude towards it (Russia). and that was the spark this rise needed.

[Semar Mesem]

I agree the price will soon reach the $1700 don't even need to wait for the end of the month, maybe the problem is whether prices will continue to rise? I'm not sure because after reaching the $1700 will drop again.

[Slark]

Key factors behind Bitcoin's price rise:

1.  Rising demand from Japan - but it might be temporary fade that is just going to go away?
For know Japan is testing this new technology and it might be only a flavor of the month kind of thing.

2. No bad news is a good news for Bitcoin and it created cautious optimism in the air.

I don't see any other direct news/factors influencing the price.

[Przemax]

The recent surge in the price in btc in my opinion is caused by the colapse in price in all of the alt markets. People saw that the price of bitcoin had risen caused probably by the massive btc withdrawals from bitfinex and sold their alts and bought btcs. Its a self fulfiling prophecy of the rise in btc at the cost of alts price.

The price in my opinion won't rise to 1700. I give 10% chances that it will reach that price. In my opinion the 1500 is the get go price.