A cryptocurrency exchange leader believes that Bitcoin’s price will reach at least $6,000 by the end of 2017.
Thomas Glucksmann, head of APAC business development at Gatecoin, told CNBC by email:
“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.”
However, he warned investors to get ready for more volatility in November, CNBC reported, because some in the Bitcoin community might move to reject SegWit2X. This could create another split in Bitcoin, and potentially create another cryptocurrency.
SegWit2X is short for Segregated Witness, the name of a proposed upgrade to the Bitcoin software which would improve the speed at which transactions are processed. According to Coindesk.com, SegWit2X would:
- enact the long-proposed code optimization Segregated Witness (SegWit), which alters how some data is stored on the network; and
- set a timeline for increasing the network’s block size to 2MB, up from 1MB today, to be triggered about three months after the SegWit activation.
There are political considerations within the Bitcoin community. Some are in favor of leaving Bitcoin in its original, pristine form. Others, concerned about impediments to the cryptocurrency’s growth caused by slow processing time, are in favor of alterations.
One such dispute earlier this year caused what is known as a “hard fork” in the Bitcoin software, off which a new cryptocurrency, Bitcoin Cash, was created. Glucksmann believes another such “hard fork” could occur for SegWit2X.
A surge in Bitcoin price may come sooner than later, according to Coindesk.com:
Price action analysis today suggests that the digital asset is now ready to pop higher, having taken the 50-day moving average hurdle in a convincing manner over the weekend.