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Will bitcoin cross the $1000 barrier? Analysts say yes

Will bitcoin cross the $1000 barrier? Analysts say yes

As we enter the final days of 2016, it has been a year of positive growth for Bitcoin. From the low of $400, to the high of over $900, this seems to be where the price of Bitcoin is trending at the moment. Many analysts think this trend will continue past $1000, although this has happened gradually throughout the year, rather than a mega pump, so it looks like Bitcoin prices are going to continue to increase as the supply is constrained.

Weather high prices can be maintained with the Block size as it is though remains to be seen. It is likely that the block size will need to be increased through Segwit adoption, as if people cannot use the currency due to a stalled chain, the price is likely to stay still or fall.

The highest the price has been is $1200, but this was part of a mega pump of 2013 and it came crashing down then, although this year it has had reason to stay high rather than just speculation, as Bitcoin is proving itself as a worth alternative to the fiat money system.

$1000 is likely to become the new Bitcoin support price, and it is likely that this trend will continue. The rise in adoption, halving and simply supply and demand economics have driven the price to such levels. We will update as more information becomes available.