Two months ago, InvestingHaven’s research team published a very bullish bitcoin price forecast for 2017. Bitcoin was trading at $1250 at that time. The conclusion of that piece was: “We could easily see bitcoin’s price move to $2,000 in 2017.”
Last week,the price of bitcoin peaked at $1550. That is amazing. One virtual coin which nobody can see or touch is worth more than one ounce of gold. Who could believe in such a scenario, say 5 years ago?
Cryptocurrencies are strongly rising, and we believe because of fundamental reasons. They are moving from early adopters to the first stage of wider acceptance. Regular investors are starting to purchase bitcoins and cryptocurrencies, and an increasing number of merchants are getting paid by cryptocurrencies, first and foremost bitcoin.
Note that Eteherum and Dash are booming as well.
All cryptocurrencies combined are now worth $40 billion, which is still nothing compared to total money in circulation and the value of many funds.
And media are taking note, which suggests that the first phase of acceptance could start accelerating to a wider acceptance any time soon.
Because of that we wrote two months ago that bitcoin’s long term chart looks very constructive, hence our bullish bitcoin price forecast for 2017 and beyond. We added that “readers should compare the steep rally in 2013 with the steady and solid rise in the last 2 years. As the price of bitcoin took out all-time highs, it suggests it has much more upside potential.”
Currently, the bitcoin price chart, which, by the way, should be read in a different manner as stock chart or other market charts, is in the process of accelerating its rally. We do not exclude a parabolic rise going forward. Our bitcoin price forecast for 2017 is potentially met very soon.