Will Bitcoin fall or rise in the last quarter of 2017?
8 October 2017 Posted / 24337 Views
From the last few months, a lot of hullabaloo over the bitcoin’s price has led to many speculations. There are so many factors that are leading the investors and all the bitcoin buffs to conjectures which are varied. Ever since its origination, bitcoin has been judged, analyzed, scrutinized, utilized a lot of times by every person who has either apprehended it or invested it.It always keeps everyone's speculations on toes. From the last few months, in spite of China’s ban, bitcoin has proven itself resilient. It has been performing at the top of all the cryptocurrencies, regardless of the rise the prices of altcoins.
Bitcoin has soared up to 74 percent in the third quarter. This period has been very eventful for bitcoins, as major changes in the regulations as well as for its growth have taken place. Though, there are rumors about the bitcoin ‘fork’ can possibly take place. The news of bitcoin fork has alarmed the investors for its volatility. It can also happen that due to the probable fork news, investors can refrain themselves from investing in bitcoin, which can also lead to a fall in the market cap. Also, China’s never-ending confusions over cryptocurrencies, their prohibition and regulations can also hamper the growth of bitcoin.
Regulation of bitcoin, in different countries, can play a major factor in the decision of bitcoin’s rise or fall. Meanwhile, the news related to China’s crackdown was seen as pessimistic, as well as the markets responded in a manner, that the recovery has seen a shifting in power. Japan has now emerged to dethrone China from its position of being the hub of cryptocurrencies.This quarter has also witnessed bitcoin reach its greatest up to the minute unsurpassed high price of $5,013, and though it dropped off considerably after surpassing the $5,000 mark, the symptoms are quite rife that $5,000 is not too far off again. Despite all that, it is the new estimate of bitcoin’s price that has kept many people on a prediction spree, as well as there is an abundance of potentiality around the $6,000 mark.
Thomas Glucksmann, the head of APAC business development at Gatecoin, which is a cryptocurrency exchange, has declared to the investors that they can expect the $6,000 mark for bitcoin prices but he has also warned about to prepare themselves for the probable volatility, that will come along with the rise in prices.