Experts predict that bitcoin could reach $6,000 before the end of this year.
CEO of CryptoCompare, Charles Hayter, said that bitcoin could hit $5,000 by the end of the year. This will be supported by increased regulation to cryptocurrencies and ICOs.
“Bitcoin’s biggest price catalyst is regulation. Japan has breathed life into the price and as the fog of uncertainty clears in other jurisdictions, clarity on regulation will release a break on the price,” said Hayter.
MAKE SURE TO FOLLOW US ON TWITTER: @BLCKCHAINDAILY
The price of the cryptocurrency was trading at $4,300 on Tuesday.
Bitcoin is up over 70 percent in the third quarter as the landscape in protocols and improvements in blockchain technology unfold.
“Throughout the year we’ve been predicting the bitcoin price will surpass $5,000 and creep closer to $6,000 by year’s end. That prediction is looking more in line with market sentiment these days,” said Thomas Glucksmann, head of APAC business development at Gatecoin, a cryptocurrency exchange.
But he warned investors to get ready for more volatility in November.
This is because some in the bitcoin community might move to reject SegWit2X.
This could create another split in bitcoin, and potentially create another cryptocurrency.
Bitcoin transaction times have been increasing due to the record amounts of trading and deliberation around the setbacks has separated the trading community, with some recommending increasing the number of transactions in each block that has to be proven by miners, and others supporting shifting some information off the main blockchain.
One section is advocating for a system upgrade in November, which might lead to a separation if no agreement is prepared.