Bitcoin Wednesday Update – World’s No. 1 Digital Currency Could Hit $6,000 by Year-End, According to Analysts

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Bitcoin Latest Update – World’s No. 1 Digital Currency Could Hit $6,000 by Year-End, According to Analysts

Bitcoin may be on course to hitting the $6,000 mark by end of the year, market observers say, however a good number of investors should prepare for more volatility, according to forex analysts. Bitcoin was trading approximately $4,333 as of late Tuesday.

The digital currency’s weekend advance in the bitcoin-US dollar (BTC/USD) exchange rate may have made a quick stop at $4,470 as of Monday, but bulls seem to be crowding out the sluggish hands.

Bitcoin’s backpedalling to the $4,255 mark in the last day indicates that investors who lack the financial capability to maintain their positions have been worried by minor price swings. While this unwinding of speculative bets could have gained momentum, fanning doubt among a broader group of investors, that result now seems unlikely.

The price of the world’s most popular virtual money was up almost 75 percent in the third quarter and has generally bounced back from its early-September contraction courtesy of China’s massive prohibition on initial coin offerings (ICOs) and bitcoin exchanges. Bitcoin rallied as high as $4,470 as of Monday, though it has since fallen to $4,259 as of this writing.

The third quarter has been among the most notable in bitcoin’s history, having soared more than 74 pct in the September quarter, with a changing complexion in regulation and developments in the core technology occurring during the past three months.

Moreover, the general perception in the market remains rather positive, considering there are no indications of stress on the technical charts and signs that Bitcoin has already welcomed the bearish regulatory news coming from South Korea and China.

According to CryptoCompare chief executive officer Charles Hayter, the biggest price catalyst for the number one digital money is regulation.

Hayter said that “Japan has breathed new life into bitcoin’s price and as the fog of doubt settles in other regions, clarity on regulation will provide a break on Bitcoin’s price.”

As of this update, Bitcoin is trading at $4,290, retreating 2.85 pct in the last 24 hours. Week-on-week, BTC has risen 11.55 pct, while month-on-month, it is still recuperating from a 7 pct slide.

About Chris Miranda

Chris writes mostly about the latest in the stock market, finance, tech and business.

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