Towards the end of August and the beginning of September, bitcoin’s price has been able to stay above $7,200 for three days. This stability has not been witnessed in the industry and is considered a positive sign of more gains to come. Additionally, a prominent figure stated that the coin has a 99% chance of succeeding, and may reach $10,000 by November.
Based on the evaluation of bitcoin’s price movements from 2017, the coin’s price action in the last three days has shown a rare stability, which may be a sign of good things to come. More specifically, the coin has remained stable above $7,200 for three days with slight insignificant declines. Moreover, the coin’s price has been on a constant increase from the $6,000 level in early August to the current $7,200 levels, thus more gains may appear in the coming weeks.
Additionally, TheStreet spoke with Hermann Finnbjornsson, the founder, and CEO of Svandis, a well-known crypto asset analytics firm, who expressed his undying belief in bitcoin. Hermann stated that bitcoin has a 99% chance of succeeding due to the increased adoption by financial institutions. This means that the increased adoption will, in turn, support a bullish momentum, which may propel the price of blockchain-backed assets to unfound heights.
This shows that the general sentiments in the cryptocurrency industry have began to shift as more analysts, experts and investors believe that the cryptocurrency market. Additionally, according to Hermann, the release of Bakkt in November, which is directly supported by Intercontinental Exchange, Starbucks and Microsoft, would result in an anticipatory surge in buying volume. This would then result in a massive bullish momentum in cryptocurrency prices which may propel the prices of coins such as bitcoin to new all-time highs.
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