[2017-10-03] Analyst Predicts $6,000 Bitcoin Price Within Reach by End of Year

[Terraformer]

Industry analysts predict the bitcoin price could surpass $6,000 by the end of the year, depending on whether the SegWit2x hard fork is implemented and, if so, how contentious and disruptive the fork is.

Bitcoin Price May Reach $6,000 by December

The bitcoin price rose nearly 75% during Q3 and has mostly recovered from the early-September contraction that was initiated by China’s blanket ban on initial coin offerings (ICOs) and bitcoin exchanges. On Monday, the bitcoin price rose as high as $4,470, although it has since dipped to a present value of $4,259.

Now that bitcoin has demonstrated consistent support for the $4,000 level, many analysts believe the bitcoin price will begin extending toward its record near $5,000, eventually reaching past it to a new all-time high.

    “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,” Thomas Glucksmann, head of APAC business development at bitcoin exchange Gatecoin, told CNBC in an interview.

CryptoCompare CEO Charles Hayter is not certain bitcoin will be able to rise quite that far by the end of the year, but he agrees with many other analysts who believe $5,000 is within sight. He believes that this uptrend has been and will continue to be spurred on by increased regulatory clarity in major sectors of the crypto economy.

    “Bitcoin’s biggest price catalyst is regulation. Japan has breathed life into the price and as the fog of uncertainty clears in other jurisdictions, clarity on regulation will release a break on the price,” he added.

…Depending on What Happens With SegWit2x

Of course, any number of hurdles could trip up bitcoin’s bull run before the end of the year, and there is one clear obstacle bitcoin faces during its march to $6,000: the contentious SegWit2x hard fork that is scheduled for November. SegWit2x was designed as an “upgrade” to the Bitcoin protocol, and though it has support from many mining operations and bitcoin firms, a large segment of the community — including all of the Bitcoin Core developers — opposes it.

Despite months of fierce debate, SegWit2x supporters and opponents remain entrenched in their positions. Unless one side concedes to the other or a compromise is reached, the network will split into two competing blockchains, each vying for the bitcoin moniker. As it currently stands, it is likely that the free market will decide which chain survives. But though this process may be fair, it will not be painless, and it is not known what short- and long-term ramifications it will have on bitcoin.

https://www.cryptocoinsnews.com/6000-bitcoin-price-within-reach-by-end-of-year/

[Gotottack]

Hi! What a very precise explanation you have there! I agree for most part especially so that Bitcoin hit $5,000 just a few weeks ago. I think the prediction is highly plausible given the data that support it. Although looking at another perspective, I see it becoming more volatile as it already is to date because of the influx of Bitcoin users and/or investors as contrasted to Bitcoin's supply.

[darkangel11]

I was confident we'd break $5000 support this year, but that was before the Chinese turmoil. We were knocking at $5000 already when they started messing around with their bans. We are still doing great with the price, but I doubt there will be enough demand in the next 3 months to take us to $6000. If we break 5 it's going to be a huge step already.

[iamTom123]

Predictions, predictions and more predictions. This article and many others are actually adding more excitement for Bitcoin though at the same time they can also fuel more speculations and volatility that Bitcoin is really known for. As Bitcoin as a currency is still very young, we should be expecting more movements in comparison to those currencies backed by the government that has been here for hundreds of years. And people who failed to see this fact are not really researching on currencies and their conclusions can be flawed even if they are also parroting truths.

I would then very happy if within this year Bitcoin can be able to get past the $5,000 level though I would not really mind if  it will do it maybe early next year. The most important to me is never to experience the same level of FUD and irrational Bitcoin movements weeks and days before the August hard fork.