Unexpectedly, numerous on the /r/BitcoinMarkets subreddit anticipated that the price would drop over the Thanksgiving weekend, to a limited extent because of US banks being closed. In any case, during the previous week the cost had demonstrated strength, merging in the low $8,000s. Twice the price quickly plunged into the $7,800 territory, however those plunges were quickly bought.
Evidently people did not just took the advantage of the Black Friday only to purchase televisions and mobiles, but most of them piled up Bitcoin also. The price trend changed rapidly as users started to make the market go bullish. And as a reason, today the cryptocurrency achieved a major feat of crossing the $9,500 mark.
Bitcoin Price Predictions
Bitcoin is moving toward $10,000 at an ever quicker rate and might be on track to achieve the breakthrough before the finish of 2017. A few specialists say it may reach there by Christmas. Billionaire Mike Novogratz, who’s starting a $500 million fund that puts resources into cryptocurrency, said a month ago that he anticipated that Bitcoin would hit this point of reference by April 2018. In any case, he updated this statement just a week ago to state that the cryptocurrency would be valued above $10,000 before the end of 2017.
In spite of the fact that Novogratz has a stake in Bitcoin, he’s not the only one in his forecasts. Mark Cuban, billionaire and the owner of NBA’s Dallas Mavericks , disclosed to Business Insider that Bitcoin’s price will continue ascending as long as it
“continues to function more as a collectible than an actual currency. The number of people opening up new accounts and buying bitcoin, even fractionally, is skyrocketing. Yet the people who have it as a true store of value have no reason to sell it as long as demand continues.”