Bitcoin has surged by almost 2.57% in the past 24 hours as per CoinMarketCap. At the time of writing, bitcoin is priced at an approximate value of $7,180. After dropping down below the mark of $6,000 in mid-August, bitcoin has hit the recovery road. Moving forwards, David Gokhshtein, an entrepreneur, influencer and a cryptocurrency passionate, seems very positive regarding bitcoin journey from here on.
Upon inquiry by BlockPublisher about chances of bitcoin hitting $8,000 this week, David Gokhshtein stated that:
I like how it’s shaping up
This signifies that we might see bitcoin climbing up the rope from here on. A bullish run might just be around the corner as we have seen a whooping 2.57% increase in bitcoin’s price value in just the last 24 hours.
This trend shown by bitcoin also comes as a good news for the crypto enthusiasts across the world as this trend is being seen in the hindsight of all the exchange-traded fund (ETF) rejections by the United States Securities and Exchange Commission (SEC). Despite so little acceptance on an institutional scale, bitcoin prices are still showing trends in a positive direction. This signifies that despite all the hurdles placed in bitcoin’s way, it is still going to survive the test of time. Although acceptance on an institutional level and general public has not been significant, but just as any other technological innovation, bitcoin is also going to take some to secure a significant position in the financial markets across the globe.
Bitcoin is seemingly gaining some upward momentum since achieving a very low mark of below $6,000 in mid-August. Once the momentum sets in, the market tends to go up as a whole. As stated by Aleh Tsyvinski,
Momentum is actually something simple. If things go up, they continue to go up on average, and if things go down, they continue to go down.
Another thing that can change the course of bitcoin is an ETF. Although an ETF has not been approved as of yet by the SEC, but once approved, the market is expected to grow as a whole and the price of bitcoin will likely go up as more and more institutional investors will be entering the game of cryptocurrencies.
On the very positive side, if all things go in favor of bitcoin we might even see bitcoin hitting the $20,000 mark as suggested by the co-founder of Reddit and VC of the venture capital firm Initialized Capital, Alexis Ohanian.
At the end of the year, Bitcoin will be at $20,000. And Ethereum will be at $15,000 [which he later clarified as $1,500]. Great, now people can call me out if I’m wrong.
Despite the volatility shown by the digital currency, Alexis seemed very positive regarding the prospects presented by the digital currencies to the general public.
As volatile as it’s been, we see it continuing [to go] up over the long term, because more and more people are going to look for alternatives to fiat as a store of value as we see currency fluctuations with states failing and other uncertainty, that makes having a digital store of value like bitcoin something that’s desirable, because you don’t have to worry about withdrawing it from a bank or the value disappearing as a government money.
So, things are setting up pretty nicely for bitcoin. Let’s see where we go from this recent upward spike shown by bitcoin.