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Bitcoin Price Rockets Past $5000 to New All-Time High

Matthew Tompkins | Oct 12, 2017 | 06:40

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Bitcoin price soared past the $5,000 mark today, reaching a current all time high of $5,188 on the GDAX exchange. 

Bitcoin’s price rocketed through the psychological $5,000 barrier, reaching an all time high, at the time of writing of $5,188.

Relative strength technical indicators do show that the currency has been overbought now for three days, however, the price shows no sign of stopping. With recent speculation by investors of $10,000 bitcoin in six to 10 months, the price surge proves that there is still plenty of growth potential for the cryptocurrency.

With current anxieties high in the cryptocurrency community regarding further hardforks (segwit2x) and chain splits in the coming months, the price would appear to demonstrates a high degree of investor confidence.

News both Good and Bad

The all time high comes just a month after Bitcoin prices fell by almost $2,000 dollars following news and much rumors about possible clampdowns on the currency in China. This also coincided with comments from JPMorgan’s CEO Jamie Dimon calling Bitcoin a fraud.

It has not all been bad news, there are many who continue to speak of the benefits of Bitcoin and blockchain technology, including Abigail Johnson of Fidelity Investments and Christine Lagarde at the IMF, whilst both take cautious positions they share a confidence in the future possibilities of Bitcoin and its underlying technology.

A Daily Chart View

The price of Bitcoin has been on an astonishing bull-run since the end of 2016 after  it initially started after its 2015 lows when the value of bitcoin dropped to $200.

It is since March this year that the price of Bitcoin has been increasing exponentially, consistently hitting all time highs. It has not all been plain sailing for the notoriously volatile cryptocurrency, there have been many hair raising dips bringing prices down by the thousands of dollars, only to rise and recover within days before again shooting up to another all time high.

Comparisons to Bitcoin as a rollercoaster ride continue to be borne out. Meanwhile, some traditional investors — some of which are predicting $10,000 within months — are increasing looking at Bitcoin for unprecedented gains and price movements.

Will $5,000 dollars potentially be a new floor for Bitcoin? Is it all up from here? Or are those accusing Bitcoin of being in bubble correct? Let us know what you think in the comments below.

Images courtesy of Shutterstock, Bitcoinaverage