The global average bitcoin price across major markets including the US, Japan, South Korea, and Europe has surpassed $16,000, peaking at $16,422.
George Kikvadze, a highly regarded bitcoin investor and vice chairman at leading bitcoin mining firm Bitfury, stated that the $10,000 mark was the psychological level for the majority of investors and traders in the bitcoin market. Once the price of bitcoin breached $10,000, it skyrocketed to $15,000 within a period of several days, and according to Kikvadze, anything is possible beyond $10,000.
“What a momentum. Buying up more at $13,000. As I said $10,000 psychological level was passed. Now anything is possible,” said Kikvadze.
Over the next few weeks, especially through the launch dates of CBOE and CME’s bitcoin futures exchanges and the holidays, the price of bitcoin will likely continue to surge. As the two largest options exchange in the global finance market, the entrance of CBOE and CME into the bitcoin market is expected to result in the flow of tens of billions of dollars into bitcoin in the short-term.
Peter Brandt, a prominent trader and author, emphasized that given that an interim target at $14,800 has already been met, the price of bitcoin will likely surge to $18,800 in the near future.
Earlier this week, Brandt said that the price of bitcoin is expected to surpass $18,000 in 2018. In response, several investors and experts including John McAfee noted that the $18,000 mark will likely be surpassed by the year’s end. By the current price trend of bitcoin, unless a major price correction occurs, the price of bitcoin will be able to continue surging towards $18,000 throughout the upcoming weeks.