Bitcoin posts new exchange rate record, reaching $1,700

Earlier today, bitcoin reached a new high of $1,700, a 70% increase since the beginning of the year when it was at $997, and a $200 increase since last week. Some analysts think that the cryptocurrency is entering bubble territory and that it's on course for another correction but with the overall trend on the upswing.

Willy Woo, a trader and bitcoin enthusiast, said:

"I would say wave two of bitcoin has begun. In wave one, investors were technically proficient. In wave two, investors will be non-technical, but savvy in traditional markets. Wave three will be the general public. I've estimated this will begin in two years when bitcoin's peak 60-day volatility dips below 5%. At this level, it will begin to compete with national currencies in price stability."

When bitcoin first reached $1,000 in 2013, there was a massive correction in the price. Woo believes that this time around the drivers of the rally are solid and therefore a pullback won't necessarily happen.

Andrea Medri, CFO and founder of The Rock Trading, speaking with CoinDesk, said:

"I'm not worried about bitcoin ... most likely we will see a correction, but the long-term trend has been and will be always up."

As of the time of writing, the price is sitting at $1,686/€1,550/£1,304, which is fairly steady given today's news of reaching new highs.

Source: CoinDesk | Image via Bitcoin-Gator

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