Bitcoin breaks through $8,000 barrier after sharp decline in May

Bitcoin is up more than 7% today sending its worth through the $8,000 barrier and sitting at $8,300 at the time of writing. The move is quite impressive because when we reported about the bitcoin mining hash rate being up 155% on July 13th, the price was sitting at just $6,200, one of the lowest points it has been at this year.

At its all-time high, bitcoin reached around $20,000 in December before the price was decimated to as low as $5,900 at the end of June; July has seen the price pick-up, albeit cautiously. Once the bitcoin price does get moving it can get moving quickly, last year just about everyone in the world was introduced to the technology, even if they weren’t quite sure what it was, all thanks to the price skyrocketing and gaining attention on many a news cycle.

With that said, after its first big break at the tail end of 2013, it took until the end of 2016 before we started seeing drastic moves in the price. We’ve only come seven months since it hit its highest point so there’s a chance that we could linger for a while around the current price range.

The next goal for bitcoin will be reaching $10,000 again, according to eToro Senior Market Analyst, Mati Greenspan in an interview with CNBC, who said that the $10,000 mark is important but even getting to $9,500 could prove difficult. Mark Newton from Newton Advisor said that the price may not go to its previous highs right away, and is, in fact, expecting to see a pull back in August but suggests we could see the price rising again around November and December.

Let us know in the comments whether you think bitcoin’s price is stuck for good or do you think it will reach the lofty heights of some people’s expectations.


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