Bitcoin posted a searing price run this year before staying pat at $700 shy of the $8,000 mark. According to Coin Desk, an experimental metric revealed that the activity on the bitcoin network's 28-week high was driven not by fake studies.
As it goes, bitcoin's progress was really helped along by real transactions and the growth that it enjoyed during the period.
Bitcoin was revealed to have picked up activity in 2015. The bear market trap ended that year once the "network activity" started to pick up, with the price also going up and not going any lower. The growth enjoyed since that 2015 improvement proved a certain "validation" that bitcoin's price growth was legitimate since it always ended up a victim of speculation.
The latest growth of bitcoin is reminiscent of that price growth. The speculation is that, as long as it continues, it could potentially be a repetition of what happened near the end of 2015; a bull run towards creating value for bitcoin. Corrections in pricing are expected and should happen, but the bull run is definite.
This current bull run of bitcoin suggests that the cryptocurrency is on track to create a record-breaking value near the end of this year. According to Coin Telegraph, bitcoin (BTC) price analyst Oliver Isaacs is looking at a $25,000 price rally by the end of 2019. Isaac also discussed his reason for saying such and the high hopes he has for a potential rally.
Isaacs said that there are not one, but many, drivers behind the current resurgence of bitcoin, These could be regulatory, technological, as well as geopolitical. The effect of the trade war between the US and China might have been negative to some; however, it also led other people to look at bitcoin as a possible alternative investment asset to consider.
Investor Tim Draper, meanwhile, thinks that the cycle of bull runs that bitcoin had over the years might just lead to it becoming a mainstream currency and for this to occur within the next few years.
Draper was also quoted as saying that the cryptocurrency might hit $250,000 by 2023. He suggests that, in the future, bitcoin might replace other currencies as the preferred mode of payment.
Whether bitcoin really becomes a preferred mode of payment remains to be seen. However, analytics and data don't lie; bitcoin is on the right track to creating buzz again with a new set of price hikes. It could also potentially become the preferred currency of the future, once it gains stability and sheds more of its dreaded volatility.
