Since the Bitcoin’s emergence in 2009, its uses, availability and prices have been making headlines in the markets. And now that cryptocurrency has reached the stock market, investors are carefully looking into a possible Bitcoin bubble that’ll throw off other commodities or assets in value. This makes every Bitcoin price prediction promising and ominous at the same time
Current Bitcoin Price
Right now, the price of Bitcoin is ranging from 5375.64 to 5632.72 USD per coin, which is a +33.14% change from last month. It means that if you try to buy 10 Bitcoins, you’re going to have to pay around 56,121.80 USD.
It’s important to note that Bitcoin is not a convertible currency, but a substitute or replacement currency that does not abide to foreign exchange values like other currencies. It is now traded together with other cryptocurrencies alongside commodities such as gold and silver.
Bitcoin Price Prediction – 2017
The Bitcoin price in 2017 remained on the high, so investors expect the cryptocurrency to continue gaining value over the coming months and years. The following are the Bitcoin Price Predictions for October, November and December 2017 based on the computations on longforecast.com:
Bitcoin Price Prediction for October 2017
Beginning or open price is at 4367 USD with a Low-High range of 4367 USD (minimum) to 6191 USD (maximum). The average for the month of October would then be 4999 USD and an ending or close price of 5072 USD, which results to a total of 16.1 percent change for the month.
Bitcoin Price Prediction for November 2017
Beginning or open price is at 5072 USD with a Low-High range of 4339 USD (minimum) to 5072 USD (maximum). The average for the month of October would then be 4787 USD and an ending or close price of 4666 USD, which results to a total of 8.0 percent change for the month.
Bitcoin Price Prediction for December 2017
Beginning or open price is at 4666 USD with a Low-High range of 4017 USD (minimum) to 4666 USD (maximum). The average for the month of October would then be 4417 USD and an ending or close price of 4319 USD, which results to a total of 7.4 percent change for the month.
Times the Bitcoin price reached record-breaking highs
Bitcoin continues to reach record-breaking highs in economic history. Here’s a look at those “awesome” times when the Bitcoin surprised people with its market value:
- March 2017 – This month was marked by the time when Bitcoin became more valuable than gold. At the price of 1268 USD per coin, Bitcoin exceeded the value of gold at 1233 USD per ounce.
- August 2017 – This month became tumultuous when Bitcoin prices reached 4500 USD per coin, which is a record-breaking value for precious commodities.
- September 2017 – After attaining the 4500 USD record-breaking price in August 2017, Bitcoin broke that record again by reaching a 5000 USD top value.
These are the times that prove Bitcoin has the potential to become the greatest asset or commodity to trade on. Though dubbed as a “bubble” that can suddenly burst out of its market trend, it remains capable of reaching higher values in the future.
Times the Bitcoin’s price plummeted sharply down
Though the price of Bitcoin is expected to remain high this year, it is not impossible for it to plummet down. Bitcoin still remains a highly volatile asset that can suddenly spike up or crash down without warning. Here are the notable times when Bitcoin experienced big setbacks in price value:
- October 2013 – The online black market Silk Road was shut down by the FBI. And because Bitcoin was widely used in the black markets, Silk Road’s fall became a major setback to Bitcoin’s trade value.
- August 2016 – A group of hackers stole a whopping 29 Million GBP worth of Bitcoins from Bitfinex, a large digital currency exchange agency. This resulted to a sudden drop in Bitcoin prices in the attempt to recover from the loss.
There are the times that also prove Bitcoin remains highly volatile. Bitcoin has both the capability of gaining high value and also of losing that value.
How the Bitcoin price will fare in the near future
Bitcoin price will continue to rise and drop in an unruly cycle, but it’s expected to remain on the high throughout the rest of 2017 and in the coming year 2018. It is also predicted that by 2022, Bitcoin price might actually reach 50,000 USD per coin if nothing bad ever happens that’ll burst the bubble hard.
Many regulators around the globe keep warning investors and potential investors about the volatility of Bitcoin. But now that the Bitcoin’s “hard fork” is taking place to establish two different cryptocurrencies (Bitcoin and Bitcoin Cash), the Bitcoin trend will continue to evolve and surprise everyone.