Sunday, December 4, 2022

Bitcoin Price Smashes Past $8,000 After Week-Long Correction

Bitcoin Price Smashes Past $8,000 After Week-Long Correction

After a week of decline and uncertainty about the currency’s future, the bitcoin price has smashed $8,000 USD. With another all-time high in the books, it looks like we could see $12,000 by January 2018.

Also read: Bitcoin Bull Mike Novogratz: Institutional Investors Coming Soon

Join the Bitsonline Telegram channel to get the latest Bitcoin, cryptocurrency, and tech news updates:

Bitcoin Price Hits Another Historic High After Week of Drama

Just a little over a week ago, the Bitcoin community was unsure if their favorite cryptocurrency would survive the SegWit2X cancellation. The bitcoin price dropped $1000 in the course of a day, and the competing Bitcoin Cash surged in price to $1,000, an all-time high for the big block fork of the Core blockchain.

The bitcoin price slowly recovered, though, and returned to $7,000 earlier this week. Then, on the afternoon of November 19, the currency ticked over $8,000 on the Bitsonline price ticker — the mark of a roaring recovery.

So, it seems like the worry over canceling the hard fork was short-lived. And it certainly didn’t hurt that Core developer and Blockstream CEO Adam Back finally got behind the idea of increasing block sizes on the Core chain.

$12,000 Bitcoin Price By 2018?

So what does this recovery mean for the future of the bitcoin price?

According to the the official Bitsonline technical analysis, the bitcoin price has been on track for $12,000 all along, even with the recent correction.

Our most recent bitcoin price analysis maintains that the market remains in a pattern set to trigger the next rally to $12,000 by January. We may see a period of sideways activity before the rally, but all technical indicators point to a massive bull rally.

Transaction Backlog Still a Major Issue

While BTC continues reaching new heights, BCH recently dropped below $1,000 — a possible sign of declining hype over Cash.

But really, it’s still too early to make any conclusions about the war for the title of “the true bitcoin.”

Although prices are soaring, the BTC network continues having trouble clearing transactions due to the 1 MB block size limit. Confirmation wait times are growing, and users continue complaining of ridiculously high fees.

Bitcoin price
Can the scaling debate settle the recent BTC congestion problems?

As for BCH: large blocks allow transactions to go through quickly at a low cost, while a recent hard fork made mining more efficient.

However, we still don’t know if nodes will be able to sustain an increasingly large blockchain. And second layer solutions — combined with a potential block size increase — may end up being a better solution after all.

Where do you stand? Do you think BTC will top $12,000 next in short order? Sound off in the comments below!

Images via DCEBrief, Wikimedia

Bitsonline Email Newsletter