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Bitcoin could hit $6,000 by the end of the year
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Loading...Bitcoin could rally nearly 40 percent to hit $6,000 before the end of the year but investors should brace for more volatility, according to industry experts
The cryptocurrency was trading around $4,333 on Tuesday.
The third quarter has been one of the most eventful in bitcoin's history. It is up over 74 percent in the September quarter, with a shifting landscape in regulation and developments in the underlying technology taking place in the last three months.
China was once the dominant driver of the bitcoin price. But regulators in the country have been cracking down on the cryptocurrency, banning so-called initial coin offerings (ICOs) where companies raise money through cryptocurrencies.
Meanwhile, Japan has been more open to cryptocurrencies. Regulators there legalized bitcoin and major retailers have begun accepting it as payments. And last week, Japan's Financial Services Agency (FSA) officially recognized 11 companies as registered cryptocurrency exchange operators.
"Throughout the year we've been predicting the bitcoin price will surpass $5,000 and creep closer to $6,000 by year's end. That prediction is looking more in line with market sentiment these days," Thomas Glucksmann, head of APAC business development at Gatecoin, a cryptocurrency exchange.
But he warned investors to get ready for more volatility in November. This is because some in the bitcoin community might move to reject SegWit2X. This could create another split in bitcoin, and potentially create another cryptocurrency.
Charles Hayter, CEO of industry website CryptoCompare, said that bitcoin could hit $5,000 by the end of the year. This will be supported by increased regulation to cryptocurrencies and ICOs.
"Bitcoin's biggest price catalyst is regulation. Japan has breathed life into the price and as the fog of uncertainty clears in other jurisdictions, clarity on regulation will release a break on the price," Hayter told.
Source: Bloomberg Pro Terminal
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