Traders expect bitcoin, the largest digital currency by market value, to remain range-bound over the near-term. Among the myriad issues facing bitcoin and other cryptocurrencies is adoption. As in when cryptos will become more widely accepted and used for mainstream activities, such as basic payments and money transfers, on a larger scale.
“Meanwhile, experts are divided on the direction of the digital currency. David Drake, founder and chairman of LDJ Capital, for instance, expects bitcoin prices to trade slightly above $8,931.47, though that will take a longer investment horizon than seven days,” reports Forbes.
As Forbes notes, some bitcoin market observers believe it is unlikely the digital currency slips back below $6,000 while others are surprised it has remained above that technically important for as long as it has.
For more information on the cryptocurrency market, visit the Bitcoin category.