Bitcoin recently underwent a massive gain over the last few days and has now retreated a bit from its all time highs. This is a good thing as it re balances and stabilizes the coin again for its next big push. Investors will always gobble up profits and when they see 20% or more you an bet most will cash out due to stock trading 20% being almost unheard of!

Lets take a look into what fueled bitcoins recent growth and if it is based on a sound/strong base.

Popularity

As bitcoin continues to become more popular and more and more people have access to it many are buying and holding which further decreases the amount in circulation. Currently we are sitting on roughly 16.6 Million BTC but that number most likely is towards 15 million due to lost wallets, hacks etc. With a hard set on the max being 21 Million.

At the moment we are at a 92 Billion Market cap and I honestly forsee us hitting 1 Trillion market cap by the time those 21 million coins are on the network.

What does that mean ?

Take 1 Trillion dollars and divide it by 21 million coins and your looking at a price point of $47,619 per bitcoin. If the market cap hits 1 trillion dollars before we hit 21 million coins then that $47,619 will be higher.

Just to put that into comparison that a trillion dollars is not unheard of the US debt clock is currently at 20 trillion dollars! - http://www.usdebtclock.org/

Popularity is on the rise for bitcoin and will continue to be so for the foreseeable future putting this as a big +1 for a solid base for bitcoins growth.

ICO to Air drop

I wrote a post on this a few days ago, the short version. ICOs are majority banned in China and USA with other countries soon to follow. Airdrops are in! Airdrops are where a new coin is hard forked off the block chain, for example bitcoin cash and soon bitcoin gold on around October 25th 2017.

This of course will drive the price up quickly in the near terms as people want free coins just for owning bitcoin it honestly is like getting a nice big fat paycheck for doing nothing other then sitting on bitcoin or ethereum.

This is not a sound/stable groundwork however and I give this a - 1 point for growth.

Mainstream Acceptance

China is looking to get back into the bitcoin market. This honestly goes to show you how powerful bitcoin as become in terms of being accepted. A large country tried to ban bitcoin and got some much backlash etc they are now looking for a "safe" way to get back in.

As more countries adopt bitcoin and bitcoin becomes increasing a way to pay for things the price will continue to rise. I see continued adoption for bitcoin for items and countries further increasing.

This is another big + 1 for the record.

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Recap

While we most likely will see another big buy here pushing us over $6,000 per bitcoin by October 24th I do suspect that the month after will likely be a short term sell off (unless another hard fork happens) However the continued trend for someone that buys and hold seems like a steady progression upwards for bitcoin at the moment.

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