Next stop, $5000
That's the latest short term price target for Bitcoin given by Max Keiser.
Bitcoin hasn't done much since it hit an all time high right around $3,000 per coin, well other than experience a 30% decline.
Since that time Bitcoin has steadied and appears to be making a run back towards those highs.
Part of that decline has to do with fear over what might happen with the fork scheduled to take place August 1st. Although a low probability, there is some fear that a split chain could be created with the fork.
Even so, over the past month, Bitcoin is still up roughly 21%
What is taking Bitcoin to $5,000 USD?
Well several things likely, and I have touched on a few of those reasons in some of my recent posts.
However, for this post we will stick to just a couple of main reasons why Bitcoin is going to hit $5,000 in short order.
Wider Adoption.
I have touched on increased use cases several times in my posts over the past month:
https://steemit.com/bitcoin/@jrcornel/bitcoin-getting-close-to-mass-adoption-in-japan
And it appears we are seeing yet another one...
Capsule Hotel, located in Japan, has begun to accept Bitcoin as a payment method. The hotel is the largest budget hotel chain in Japan and is very popular with freelancers and travelers.
This integration of Bitcoin comes just months after Peach, Japan's largest budget airline, stated that they would start accepting Bitcoin has a form of payment.
Bic Camera, AirREGI, and Comics and Capsule Hotel Comicap have also stated recently that they would accept Bitcoin.
http://www.hostelbookers.com/hostels/japan/kyoto/275532/
Kagayaki Kawabata of Coincheck had this to say regarding the integration of Bitcoin:
"Starting Friday June 16, guests (of Comics and Capsule Hotel) can pay with Bitcoin for hotel bookings at the facility in Kyoto Shin-Kyogoku. Bitcoin payments will be facilitated by Coincheck. They have decided to use Coincheck Payment experimentally for capsule hotels. (In the future) They may expand the Bitcoin payments to other services as well."
Adoption of Bitcoin, and to a lesser extent other virtual currencies, is exploding right now in Japan and South Korea. China is seeing strong adoption as well.
It is only a matter of time before that adoption spreads to other parts of the world.
More widespread media attention.
Never before in Bitcoin's history has it received more coverage by mainstream media outlets than it is currently getting.
You can't turn on CNBC for more than a couple hours without hearing Bitcoin, or some other virtual currency mentioned.
And that is just in the United States where there currently isn't much use case for Bitcoin as a currency.
Bitcoin was recently on the front page of the Wall Street Journal, not the second page, but the front page!
The technicals.
The price of Bitcoin has struggled (I guess) ever since it reached it's all time high around $3,000 USD per coin. However, if you go back and look at recent trading history you will see that Bitcoin has a tendency of experiencing these corrections after making new all time highs, only to gather steam once again and power past that high.
According to Mark Keiser we will likely see that trend continue until Bitcoin eventually gets near $100,000 per coin.
Possibly mimicking a chart something along the lines of this over different time periods:
Is $100,000 really possible?
Sure it is, in the realm of "anything is possible".
However, is it likely?
Not sure how likely it is, but his short term target of $5,000 to $10,000 seems very possible. Especially when you just look at recent trading activity.
In the last 12 months, Bitcoin rose from roughly $650 to $2500. That represents a return of 4X. From current prices a return of 4X would take us right to that $10,000 level.
I am seeing a lot of reasons that support Keiser's claim of $5,000 to $10,000 at some point in the near future. Here's to hoping he is right.
Stay informed my friends!
Sources:
https://cointelegraph.com/news/bitcoin-price-at-5000-is-in-sight-max-keiser
Image Sources:
http://fortune.com/tag/bitcoin/
http://www.coindesk.com/max-keiser-bitcoin-capital-1-6m-crowdfunding/
https://twitter.com/iamjosephyoung
http://charleshughsmith.blogspot.co.uk/2017/06/projecting-price-of-bitcoin.html
Follow me: @jrcornel
Totally agreed. This month $5K and $10K to September.
I was thinking more along the lines of sometime within the next 12 months. However, the next 3 months sounds pretty good to me!
Why are you expecting it to rise by over $2000 in the next 10 days?
New ATH, SegWit is materializing, Bitmain will create just another hardfork - nobody cares about UAHF.
$5k in such a short span of time? Interesting.. but then again, we've seen such crazy jumps before.... hmmm
Are you still saying it will rise 2000$ in the next 10 days?
[deleted]
Agreed! Not to mention a good portion of recent Litecoin buyers will likely buyback into Bitcoin and keep it there since Litecoin just lost an advantage over Bitcoin with SegWit finally approved!
if it reaches $5k (don't think it would), there would be a massive correction that would follow.
The price of bitcoin was hurt because of scaling issues and arguments about the best way to fix them. Scaling issues finally resolved with segwit.
bitcoin to the moon!
excuse the interuption btc clock is still paying here code etc - https://btcclock.io?ref=841528
By the day segwit activates which should be July 15.
you are a little wrong. 2016 blocks is about 2 weeks. So by August 14 we will only have SegWit locked in and then we will need 2 more weeks to actually activate the SegWit. So starting August 28-29 you will be able to sent the SegWit transactions.
so not this month, but within 30 days.
hell yess!!! at ANy time we could have a fucking MASSIVE liquid cash injection crypto by the big central and private banks and hedge funds! it willstart with ripple!
u will see ripple just injected with so many billions that bitoins marketcap goes BELOW RIPPLE and ripple can be made $1 with a simple $40 billion dollar investment! for these central banks thats nothinga nd they an counterfit and print up as much digital oney to buy bitcoins as they want but as they doo biitcoin rive wil go up and up anup!
They want to pump the price.
I dont think so that BTC will hit the 5k this month but stable 3k till middle of july will be realistic.
And then reaching the 5k by the end of summer.
Cliff High's webbot predicted 12-14k for next feb-april!!!
'Love this Gif <3
hahahaha! Never saw this gif before :D
@adrion @aguazul Thanks! :D
everything is possible, i certainly would like to believe it! Go bitcoin! and Steem offcourse ;)
I can see it going even higher this year. Long term, I can see over $100k(2-5 years out). Your thoughts>
End December 2017 Cross 5000$
It will most likely drop to 1700-2000 by end of summer then pop to 10k+ ... check out my chart
See, it is cashing records! ;)
Thanks for sharing, good job on the writing too. IT is not too surprising to see the King of Cryptos getting such a boost, but for how long?Till people realize there's much more powerful cryptocurrencies out there like Bitshares or even our beloved Steem for that matter!
All for one and one for all! Namaste :)
Amazin post! I'm going all in !
This is ridiculous!!! I'm screaming like a little girl!
I even made $80 on 1 comment recently!
Awesome! Good for you, good for us all! Namaste :)
I kind of dig the approach of BItcoin either becoming a zero or $1M+ It makes no sense to think of an 'in-between' scenario as this field is probably governed by 'winner takes it all' rules (take Facebook as an example in the social media scene). If that's the angle (winner takes it all), most people are much too modest in their price projections.
Winner take all is a bad scenario for Bitcoin. A sister currency like Litecoin is good for both currencies as it drives innovation via competition for all parties involved. Without litecoin how long would it be until Bitcoin decided to implement segwit? It would probably have taken a little longer...
Historically competing currencies have not cancelled each other out, except in the recent history when competing currencies are banned in favor of government issued fiat. That's not to say I don't think Bitcoin could hit $1M.
litecoin is going to the moon I got in early and I am loving it.
Can't wait wanna see many scratching there heads!
Interesting article, thanks! However I do wonder how many people will lose faith in Bitcoin as its been through so many changes... can't help but wonder!
I think its history of weathering major upsets and recovering again is the reason why people have gained confidence in Bitcoin. The scale-ability storm is just another test. The way that the community handles it is a demonstration itself of the power of bitcoin. Even with all that democracy and the size Bitcoin has grown too, we reasonably expect the issue to be resolved in the next few months.
Valid point, I hope it survives the soft fork and busts through to new boundaries!
Bitcoin is more and more becoming a gold standard of cryptocurrencies given that for you to buy some cryptos you have to change your fiat to bitcoin then use bitcoin to buy that said crypto. Just like USD in world economy. This has solidified its possible long term.
Hope btc goes high.. AsbI see it's not dropping at all.. Only slowly gains momentum towards the 3k mark again.
Hopefully it smashes through this time with full steem ahead.
Much love
-Goldir
People who currently got bitcoin would surely love this scenario.
Yeah currently its a niche market bit coin needs to be mainstream before rocket ship prices
check out my thoughts https://steemit.com/cryptocurrency/@newmarket65/is-cryptocurrency-your-get-rich-quick-scheme
follow me and i will follow you
That what does not kill Bitcoin, will only make it stronger.
Bitcoin price has started hiking higher. It surely will cross USD 3,ooo by end of June 2017.
Good. At least for those who currently got bitcoin...
If bitcoin gets to $5000, what will other cryptos be at?! Etheruem and Anthshares and Factom?
^^UPV0TED^^
LETS RIDE THIS ALL THE WAY TO THE MOOOOOOOOOOOOOOON
what about your thoughts on the soft fork happening at the end of the month. should we pull our position or hold?
I'd say hold. Lot of scared money will probably sell off, to their detriment.
These are seriously exciting times. Bitcoins coverage in Main Street American media is nothing short of amazing. I have had conversations with many people recently about Steemit and to gauge their crypto intelligence I always ask if they have heard of Bitcoin. Many of them say yes. A large majority in fact. Now we have media, and we are increasing places to use Bitcoin. It's just a matter of time. Thanks for the great post!