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Bitcoin breached the $8,000 resistance levels several days ago and is currently experiencing another upward trend. As of this writing, the world’s leading cryptocurrency has increased its value by 1.90 percent and is currently trading at $8,726, according to the numbers shown by CoinMarketCap.
With this figure, the prediction that Bitcoin can break through the $10,000 levels is becoming more and more believable as the cryptocurrency is showing no signs of slowing down. Indeed, ever since it reached $8,000 in value, it’s been bouncing between $8,800 and of $8,400.
Co-founder and managing partner at Kenetic Capital Jehan Chu even said that Bitcoin would experience a 244 percent surge in the future that would land its price at $30,000 by the end of 2019. Chu provided three factors that would contribute to this spike, Cointelegraph reported.
They are mass adoptions of giant companies, investors looking for other enticing “tech stories,” and the Bitcoin halving protocol. The first point can already be observed as Microsoft, Facebook, and other tech giants are slowly developing their own infrastructure or services geared towards cryptocurrencies. Chu also said that it’s not just Bitcoin that is pushing these boundaries forward as other altcoins are also contributing to the success of the crypto market, The Daily HODL reported.
“[Bitcoin] is going to pull up the rest of the market. But in truth, many of the different applications that back the cryptocurrencies in their own right are developing on their own story and developing utility,” Chu said.
Another hint that Bitcoin is further penetrating the mainstream market is the recent announcement by AP Stylebook. In a tweet, the AP Stylebook revealed that it’s going to be adding Bitcoin, Litecoin, Dogecoin, and Ethereum into its entry.
Furthermore, it also explains how to use these words by providing examples. When using Bitcoin as a system, the first letter should be capitalized. But when referring to it as a form of payment, the first letter should be lowercased. For instance, Mike purchased his coffee using bitcoin.
As for a possible Bitcoin ETF, it’s still unclear when this is going to take place. However, Chu said that regardless of approval, Bitcoin will still experience a spike in value as the global economy shifts to a more technological system. Add the fact that the ongoing trade war between China and the U.S. is reaching new heights, and it’s understandable that the bulls are expecting a lot of big things from Bitcoin in the future.
