So Bitcoin just passed $5k which is an all time high, but does this mean that the pathway to $10k has now opened back up?
Personally I’m not sure that we will see $10k yet but it’s coming for sure. I think a lot of the reason why it’s got to $5k now is because of all the hype and news surrounding a potential Bitcoin split.
A few months ago Bitcoin had a split and that resulted in Bitcoin Cash being created. People who had Bitcoin at the time received free Bitcoin Cash and naturally with another split coming up people are foaming at the mouth at the prospect of getting a lot of free money.
Word has spread about a new coin being created known as Bitcoin Gold so naturally people have been flooding into Bitcoin. As a result of this altcoins actually dropped a lot and many have gone into the red in the past week.
Naturally with everyone selling altcoins and putting their money back into Bitcoin for a potential split, it means that the price of Bitcoin has risen.
Will this price actually stay at this?
I’m not sure. I think a slip below $5k would see it return down to $4k however now that we are above the $5k resistance point it’s now going to become a support point so I think we will see a lot of buyers if price moves lower.
Long term $10k is definitely going to happen in my opinion but it might take a while. I think by the end of 2018 we could see Bitcoin hit $10k.