What’s Driving The Growth?
No doubt the meteoric rise in bitcoin’s price is drawing more attention, which is likely encouraging more users. Bitcoin has been on a historic tear in 2017. After ringing in the year at $1,000 on Jan. 1, the price reached an all-time high of $3,000 in mid-June.
The growth in user interest can also be explained by Donald Trump’s election, and Brexit. After these two events, many people decided to turn to bitcoin in order to hedge against economic instability.
The remarkable rise amid an overall boom period for cryptocurrencies has drawn skepticism from some observers who have pointed to inflated values amid accusations of a bubble. Others are looking at more bullish gains.
Also read: Bitcoin could hit near $4,000: Goldman Sachs’ chief analyst
Will Price Hit $4,000?
In a note sent to clients, Sheba Jafari – Goldman Sachs’ head of technical strategy predicted bitcoin to climb higher, ultimately getting near $4,000.
Jafari, who was persuaded into covering bitcoin by Goldman Sachs’ clients recently, sees the current corrective course to tread longer with upward gains to be the ultimate outcome.