The bitcoin price is on the rise again. On the morning of Saturday, November 25th, the markets surged, sending bitcoin to a high of $8,660 USD at press time. This new milestone is the latest addition to a growing line of broken records as bitcoin makes its way to the $12,000 objective in early 2018.
Bitcoin Price Breaks Records on the Heels of Bitcoin Black Friday
Historically, the Saturday after the Thanksgiving holiday in the US has been a bearish time for the bitcoin price due to Black Friday. The crypto world has its own version of of the shopping “holiday,” called Bitcoin Black Friday, where participating merchants give special discounts to customers who pay with bitcoin.
During Bitcoin Black Friday and the following days, the bitcoin price usually takes a hit from increased bitcoin spending, as well as merchants converting their higher-than-usual crypto income to fiat. But not this year.
Scaling, Institutional Investing and Math — Oh My!
Several things brewing during this last year have led up to the current rally, and will continue to influence bitcoin’s further growth.
The years-long scaling war has been ugly, brutal, and at one point physically violent. But for some reason, that drama has only pushed bitcoin higher.
On August 1st, when Bitcoin Cash forked from the original blockchain, the “OG” bitcoin price skyrocketed. And it has been rising ever since.
Just two weeks ago, when the highly-anticipated SegWit2X got called off, the bitcoin price rose $1,000 in one day, hitting a then all-time high of $7,700. After a brief — but scary — correction, the price continued rising, quickly hitting $8,000.
Maybe it’s excitement over the drama, or whales picking sides in the BTC vs BCH war. Whatever it is, Bitcoiners everywhere are benefitting.
And then there are the Wall Street guys. They have finally started making big statements about the digital currency, issuing definite announcements as to whether or not their firms would invest in the new form of money.
JPMorgan CEO Jamie Dimon, of course, has made a fool of himself in the Bitcoin community’s eyes with his heavy-handed criticisms in the last month or two. Meanwhile, Dimon’s Wall Street counterparts came out in disagreement with him, going as far as to say their companies have made plans to invest in Bitcoin in the near future.
Additionally, there is the influence of (not so) simple math. According to the official Bitsonline technical price analysis, this rally has been a long time coming. And this rally is just a small precursor to the big one coming in early 2018, which will push the bitcoin price to $12,000, according to prevailing mathematical indicators.
Strap In, We’re Going to the Moon
As Christmas approaches, the markets will have to stand up to another historically bearish time in the Bitcoin world — with traders and hodlers selling their coins to fund their holiday shopping. But if Bitcoin breaks the trend like it did with Black Friday, then $12,000 very well could be on the horizon.
However, whether or not we actually see $12,000 in January, it seems certain right now that the bitcoin price will definitely see heights considered unimaginable just two years ago. That’s cause to celebrate no matter where Bitcoin ends up in the future.
In the meantime, it looks like bitcoin is taking over the world, one price milestone at a time.
Do you think we’ll see $12,000 next year? Share your predictions in the comments section.
Images via Pixabay, MarketWatch