Make Bitcoin Great Again! All-Time High Smashed!
Bitcoin has again made history and broke its all-time high of $1,165. At the time of writing, Bitcoin sits on an average of around $1,180!
Plenty of Ups and Downs, But Overall Upwards!
Since the beginning of 2017, there hasn’t been a dull moment for Bitcoin, reaching $1,000 on January 1st and crashing as far as the $770 region after news of exchanges becoming more regulated sent shockwaves within the community.
During February, Bitcoin’s price has rallied towards the $1,050s, with a brief dip to around $990 following the news of withdrawal suspensions being imposed on some of China’s largest exchanges. After, the digital store of value quickly regained its upward momentum.
What’s Caused the Latest Price Rally?
Predicting or understanding Bitcoin’s price behaviour is a subject many have tried to achieve, however, there are numerous factors towards the new all-time high being set…
The most noticeable is the reality of the first Bitcoin ETF being approved by the Securities and Exchange Commission (SEC). The final decision for approval falls on March 11th, after numerous delays in the past.
The Bitcoin community as a whole is bullish towards this and is eagerly waiting for the final decision to be made in favour of the ETF.
Other influencing factors could include economic and political uncertainty.
Bitcoin faces some uncertainty as to which path it will take to scale for mainstream adoption. Despite this, Bitcoin’s price has carried an upward trajectory.
As the image from CoinMarketCap shows, the overall average price for Bitcoin at the time of writing is around the upper $1,100 range.
Is $1,200 Attainable?
After smashing through the previous all-time high set in 2013, Bitcoin’s price could quite easily reach the $1,200s. With margin trading more regulated and flagship Chinese exchange users not being able to sell their Bitcoin, the price could easily edge up towards $1,200.
These new heights will undoubtedly bring more mainstream media to the number one cryptocurrency, which has been quiet on Bitcoin’s strong trend for the last few years.
Although many are saying it’s unlikely to happen, the ETF being approved by the Securities and Exchange Commission will bring huge attention to Bitcoin. The less tech savvy investors and traders will embrace Bitcoin more, knowing it can be used in a safer and more regulated environment.
Many Bitcoin optimists believe a Bitcoin ETF will increase Bitcoin’s price as new capital flows into the cryptocurrency industry.
Bitcoin to the Moon in 2017?
2017 could be Bitcoin’s best year yet, and a huge year for blockchain technology overall. With a new high achieved so early in the year, it creates a confident mindset for the community in general.
With possible ETF approval and Litecoin being the Bitcoin test net for SegWit, investors, developers, and newcomers alike have reason to turn bullish on Bitcoin and its alternatives.
However, Bitcoin can go down as fast as it goes up. Logically, there will likely be a correction. If you’re investing, only use funds you can afford to lose, and remain logical – think long-term!