Bitcoin price news: Will bitcoin hit $15,000 by Christmas?

The BTC price plummeted by 70 percent from December 2017 to June 2018, from a high of nearly $20,000 to a low of $5,848 .

But the cryptocurrency has recently experienced a period of unparalleled stability, maintaining a short trading range between $6,300 and $6,500.

Danny Scott, co-founder of crypto exchange CoinCorner, bases his bullish belief in the accumulation of several factors.

He said: “We are seeing a number of big companies beginning to buy bitcoin in bulk and we seeing few people willing to sell.

“Bitcoin has been holding its price very well around $6,000 for four or five months now.

“And if you look at historic trends, November and December typically have been our busier months.

“We are also seeing huge amounts of investment coming through from high net worth individuals and companies buying Bitcoin in high volumes.

“This all adds to the increase and interest of the cryptocurrency.”

And Mr Scott believes this growth should be at a more sustainable rate than previously.

He added: “Fidelity have just announced they are doing an OTC trading platform for bitcoin on a large institutional level, which is coming out in January.

“And there is money pouring in from the background which people don’t see from the front.

“This will naturally help drive the price slowly back up.

“And this should be a healthier move back up rather than the quick movements of last year.”

Mr Scott is also sanguine for the cryptocurrency's long term prospects.

“Bitcoin is definitely here to stay," he said.

“It could become a world reserve currency globally and some countries may adopt it as their primary currency because it is more stable and reliable then their current currency.

“Venezuela and Zimbabwe for example, have currencies which are volatile to say the least.

"And I believe it will be the long-term solution.

“The more people that adopt it the more stable it will become.”

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