Bitcoin $10,000 price: Is it achievable or will the bitcoin bubble burst?

Bitcoin $10,000 price: Is it achievable or will the bitcoin bubble burst?

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The cryptocurrency saw an unprecedented spike on the markets after Chicago-based CME approved the token for its futures market last week.

But the initial buzz has died down somewhat, leaving to open today at £5305.64 ($6,958.21), according to CoinDesk.

The surge from around £4,956 ($6,500) to £5718.75 ($7,500), gave traders hope that bitcoin was en route towards the unimaginable £7625.00 ($10,000) per token.

Market analysts Max Keiser jumped the bandwagon last week, preemptively announcing bitcoin’s rise on Twitter.

He said: “30,000 new #Bitcoin wallets a day. ETF coming soon. Wall St. just getting started. Regulators waking up to their impotence. Hello $10,000!

“Remember, my target since 2011 when I was the only public figure rec. #Bitcoin at $3, was $100,000.”

Then on Friday he said: “$4.7 billion traded yesterday. 100k new CoinBase acts in 24 hours. 200 DMA rising to $3,300. $10,000 for #Bitcoin is happening.”

Right now bitcoin has struggled to push past its record high and the odds are that it will return to its pre-surge prices.

Goldman Sachs’ analysts said that bitcoin could continue on an upward trajectory for now before consolidating at a ceiling price of $8,000 (£6,100).

Technical analyst Sheba Jafari, warned traders against betting on the crypto token breaking through that price point.

Bitcoin price: Crypto token valueGETTY

Bitcoin price: Market analysts are split on bitcoin’s price by the end of 2017

She said in a note published on Sunday: “The market has shown evidence of an impulsive rally since breaking above $6,044 (£4,608.55)”


It would not surprise me if, in the next six to 10 months, we’re over $10,000

Michael Novogratz, Investor


“Next in focus £6,055.01 ($7,941). Might consolidate there before continuing higher.”

“Given that this is just a third of five waves up, the implications are that bitcoin has potential to run further over time.”

There are however some economists like Michael Novogratz, who gave bitcoin less than a year to smash the £7625.00 ($10,000) target.

Speaking to CNBC last month, the former multi-billion hedge fund manager said that bitcoin is going to be “one of the great manias of all time.”

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He said: “I’m pretty confident to say that it’s going higher.

“You know, the hard part about manias and I think this will be a real mania, is that we have to have a lot of imagination about where things could go. And so often we set ourselves limitations by putting price limits on it .

“It would not surprise me if, in the next six to 10 months, we’re over $10,000.”

Mr Novogratz went on to underline that the “decentralised blockchain revolution” is going to change the way we live.

In his mind, bitcoin has already gone from being an ambitious experiment to something that has been implemented into everyday life.

Bitcoin price: bitcoin token in a walletGETTY

Bitcoin price: Michael Novogratz thinks bitcoin can hit $10,000 in less than a year

He added: “Ten years, 15 years from now, blockchain and decentralised systems will be everywhere.”

And while bitcoin continues to dominate the headlines, other cryptocurrencies are also steadily holding onto their own on the sidelines of the digital currency craze.

Bitcoin cash surged this week to break past £457.50 ($600) to the dollar, overtaking the second most popular token, ethereum which opened today at £227.84 ($298.81), according to CoinDesk.

Bitcoin’s growing mainstream appeal will be its most likely key to success, and more financial institutions adopting cryptocurrencies could contribute to their growth.

Both CME and CBOE, some of the world’s largest exchange markets, have made the first step toward that goal by approving bitcoin by the end of 2017.

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