29 Dec '16, 12am

Will We See a $1,000 Bitcoin in 2016? Analysts Suggest Yes

Will We See a $1,000 Bitcoin in 2016? Analysts Suggest Yes

As 2016 draws to a close, bitcoin prices continue to show strong, upward movement. Depending on the media outlet you prefer, bitcoin is either "storming ", "surging " or "creeping " its way back up to $1,000. In the past month alone, bitcoin has surged more than 33%, rising from $732 on 29th November to an annual high of $977.35. At press time, bitcoin was up nearly 5% for the day's trading, capping off a seven-day period in which it saw 20% gains . Should bitcoin prices breach $1,000 (the first time since January 2014), the digital currency could benefit from a handful of new tailwinds. The simple act of rising above $1,000, analysts say, is likely to generate greater visibility and therefore a flow of new money into bitcoin. Surpassing $1,000 could also make this price a new support level. Should bitcoin fall back after surpassing this point, the decline could motivate m...

Full article: http://www.coindesk.com/will-bitcoin-surpass-1000-2016/

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