The Future Price Of Bitcoin

Cryptocurrencies really came into their own last month! Bitcoins price recently went crazy and as a result many of the other Cryptocurrencies gained a lot of welcome interest too.

Bitcoin recently hit a high of around $2700 and since then it has shown signs of a correction! People have been taking profit! As a chart analyst this to some degree is a welcome sign, as whenever a price goes up to quickly the risk of the bubble inevitably bursting grows. People need to sell off to reduce their exposure and take a profit. This also gives people a chance to catch their breath and decide whether to buy in at a lower price.

I myself am not worried as I see bitcoin as long term investment. Bitcoin to me is the future of currency and even if the price does continue to drop, I would expect that it would eventually find support around the $1000 mark above the previous high of 2014. This would make perfect sense to me.

However just because we're seeing a correction does not mean it will be a long term one. We have seen a much needed focus on the Cryptocurrency sector of recent. The everyday people are finally catching on, that investing in bitcoin and other Cryptocurrencies can make a life changing difference.

The price now seems to be making a recovery and I would not be surprised that within a couple of days it is re-testing that previous high and looking to push beyond. Many people are speculating that we could see the price go as high as $6000 by the end of the year. Will it break out and go higher? Only time will tell, but i myself will definitely be watching with keen eyes.

Please feel free to share your views on where you think the price is going with Bitcoin. I would definitely be interested to know.

Thanks everyone and good luck to you all.