[2017-05-08]Bitcoin hits $1,600 for the first time

[Karpeles]

Bitcoin hits $1,600 for the first time and one investor says it could rally to $4,000 in a few months

The bitcoin price. could rise to about $4,000 within 8 to 14 months, investors say.
The recent price rise has been driven by positive developments around the underlying technology with a rival cryptocurrency called litecoin.



Bitcoin is "fully valued" and could see a pullback in the short term after hitting $1,600 for the first time on Monday, according to one investor, but the price could go as high as $4,000 over the next 14 months.

The cryptocurrency has been on an upward move since April and was trading around $1,575.52 by early afternoon trading in London after hitting an all-time high $1,601.05 during morning trade, according to the Coindesk bitcoin price index.

In the last 30 days, bitcoin has risen over 33 percent.

http://www.cnbc.com/2017/05/08/bitcoin-price-hits-record-high-and-4000-is-ahead-investor-says.html

[richardsNY]

It's easy to say something when the price goes up nicely. I am sure that if we were still hovering around the $1000 level, that these investors wouldn't make such a statement. That's why I don't add much value to these predictions. If you just look at the pace of current increase, then it could even reach $5000 within 12 months. But what's this prediction worth? Absolutely nothing -- things don't just go up in value, regardless of the demand and positive sentiment.