Bitcoin has been on one hell of a run this year.
Remember when a single bitcoin only cost around $2,000? That was in May this year. Now one bitcoin is worth more than US$4,000.
The crypto has climbed a little over 308% year-to-date.
It’s also one of the most popular topics in financial circles.
Will it disrupt our payment system and various other industries? When will bitcoin become mainstream, soaring to new heights never seen before?
It’s hard to answer such questions because it really depends on how fast the public adopts the cryptocurrency.
Bitcoin price could rise further
While there are a lot of people talking about bitcoin, a large majority aren’t necessarily putting their life savings into the digital coin. That’s why experts believe bitcoin has a lot further to climb.
And because the consensus is that bitcoin will continue to climb, everyone from crypto punters to investment bankers are trying to predict price targets.
Goldman Sachs believes bitcoin might face some resistance around US$4,500 to US$4,800. But if it breaks through that, the digital coin could rise to US$6,000 according to Pantera Capital Management.
That means bitcoin could potentially climb another 47% before year-end.
Of course, the experts could be wrong. But with such buzz around cryptos, it’s not hard to see bitcoin climbing another 47% in four months.
Yet it might not just be bitcoin that soars before the end of the year. Check out ‘The Next Bitcoin’ here…and how it could potentially make you rich.
Junior Analyst, Money Morning