Pundits, enthusiasts and pump and dumpers have been predicting bitcoin over $5,000 by the end of 2017.
Do you think that’s going to happen? I wouldn’t personally be surprised.
So, when is Bitcoin going to break the $5k price? And when it does, what next?
Of course no one knows for sure what is going to happen to the price of bitcoin. If you knew for sure you’d trade and make yourself comfortable for life as far as money was concerned.
But let’s talk about some things that might happen if bitcoin does indeed hit $5000.
Bitcoin at $5000 – Psychological Trigger?
Headlines, memes and media attention.
All the renewed interest will do what to the price?
If and when it approaches and hits that $5,000 USD price point per bitcoin I think it is going to cause another media frenzy.
The average Joe’s are going to hear about it, again and want to get in on it. They are going to come flooding into the markets. Once again backing up the most popular exchanges like CoinBase, GDAX and CEX.io. and a ton more general population widespread adoption.
Here’s interest in google for the basic term “bitcoin” over the past 12 months.
Let’s watch and see as the price nears $5000.
$5,000 Bitcoin Price Means
- Renewed public interest
- Media attention
- A second helping of ‘fear of missing out’ for people who didn’t buy last time but are hearing it again
- A wave of fresh money flowing into crypto’s
- Increase in demand for other common crypto’s like Ethereum, Litecoin and a few others
- Headlines on major financial news outlets
- Dank memes on /r/bitcoin/
I think when this price is approaching / striking distance (currently we are over $3500 so about another thousand bucks increase in price could really set the stage for $5k.
It’s going to cause a rush. And in my completely non professional opinion it is going to cause the price to surge up to closer to $6k before people start taking profits.
I predict it will ‘settle’ somewhere back below $5k, probably closer to $4400 range. Some of those late to the party guys who buy in near $5500 plus are going to get hammered and sell out in the $4500’s.
Hodl my friends, hodl.
What Do You Think Will Happen When Bitcoin Breaks $5k
I don’t know what the future holds but it’s pretty exciting time to be a part of it.