With a New All-Time High, is Bitcoin Price Moving Closer to $9,000?

As CCN reported today, the bitcoin price achieved a new all-time high at $8,380. Analysts including Bitfury vice chairman George Kikvadze stated that all indicators point towards strong short and mid-term momentum for bitcoin.

“Buying even more bitcoin at $8000. All indicators are super positive. Most positive they ever been,” said Kikvadze.

Entrance of JPMorgan and Retail Investors

Throughout November, Kikvadze revealed that he has met 30 large-scale institutional investors and retail traders. Out of the 30 investors, 12 are in the process of investing in bitcoin, 10 plan to invest in bitcoin in the short-term, and eight remain undecided.

Earlier this week, Kikvadze explained that multi-billion dollar hedge funds, institutional investors, and retail traders are planning to enter the bitcoin market by the end of 2017, given the increase in the liquidity of bitcoin over the past few months. Today, bitcoin is more liquid than the most liquid stock on earth that is Apple, and process larger daily trading volumes than many of the world’s major stock exchanges.

In fact, Bithumb, the South Korean cryptocurrency exchange, processed more trades in one day than the South Korean stock market KOSDAQ, in August of this year.

“One of the investors: ‘Entering Bitcoin investment at $100 billion much much easier than at $10 Billion,’” added Kikvadze.

It has become significantly challenging for institutional investors and investment firms to dismiss bitcoin as an emerging and a rapidly growing currency, store of value, and safe haven asset. Earlier this year, JPMorgan CEO Jamie Dimon vowed to fire any trader within the company who decides to deal with bitcoin and trade the digital currency on behalf of clients, even after it was discovered that several JPMorgan Securities custodian accounts processed bitcoin trades via the Nordic Nasdaq (Sweden) exchange’s XBT Provider, a bitcoin exchange-traded fund.

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