Bitcoin is "fully valued" and could see a pullback in the short term after hitting $1,600 for the first time on Monday, according to one investor, but the price could go as high as $4,000 over the next 14 months.
The cryptocurrency has been on an upward move since April and was trading around $1,575.52 by early afternoon trading in London after hitting an all-time high $1,601.05 during morning trade, according to the Coindesk bitcoin price index.
In the last 30 days, bitcoin has risen over 33 percent.
Negative bitcoin news
The rally may seem perplexing given that there have been a number of setbacks for the cryptocurrency.
These include:
The cryptocurrency has been on an upward move since April and was trading around $1,575.52 by early afternoon trading in London after hitting an all-time high $1,601.05 during morning trade, according to the Coindesk bitcoin price index.
In the last 30 days, bitcoin has risen over 33 percent.
Negative bitcoin news
The rally may seem perplexing given that there have been a number of setbacks for the cryptocurrency.
These include:
- The U.S. Securities and Exchange Commission (SEC) deciding to reject a bitcoin exchange-traded fund (ETF) proposed by Cameron and Tyler Winklevoss. This is now under review however. An ETF would have given further credibility to bitcoin and helped more institutional investors get involved.
- A fierce debate over the future of bitcoin's structure. The full explanation can be read here.
- Issues with some exchanges, particularly Bitfinex, which cut off their access to the banking system meaning customers couldn't make withdrawals in fiat currency.
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