Experts predict another “price explosion” for Bitcoin (TIKER: BTC.EXANTE) that could see the cryptocurrency’s value soar to even greater levels than it experienced in 2017, The Independent reports.
“I’m not surprised to see Bitcoin’s price exceed $9,000 this week,” Rodrigo Marques, CEO of investment platform Atlas Quantum, told The Independent. “Rumours of a price explosion seem to have been driven by more and more institutional buyers getting into cryptocurrencies.”
The positive price forecasts come amid significant gains across cryptocurrency markets in recent weeks, with Bitcoin price above $9,000, gaining more than a third in value.
According to The Independent, other analysts are confident that the crossing of the next psychological barrier of $10,000 will continue to boost Bitcoin’s momentum and could trigger what is known as a bull phase in the market, whereby optimistic investors drive up the value.
“Bitcoin is well on its way to $10,000 and the volumes, buy orders and momentum oscillators all point towards this,” Oliver Isaacs, an experienced blockchain and cryptocurrency adviser, told The Independent.
By Jade Olafson