In recent days we have seen surges up and down in the Bitcoin price, probably because investors are humans as well, and they were getting ready for Thanksgiving Day.
However, as soon as the turkey has been eaten, we have seen a new all-time high of $8,450.
While the entire world was taking advantage of Black Friday discounts, those who wanted to buy some BTC were quite disappointed at not having their discount. What is more, as soon as Black Friday was gone, we have seen another all-time high. In the morning of Saturday, November 25, Bitcoin cost $8,509.
However, shortly after that, the price decreased to $8,480. Probably, because it is the weekend and even investors need to have some time with their families. Nevertheless, the general bullish trend does not go away anywhere, so this was probably far from being the last all-time high we have seen. But still, the BTC price is hard to predict.
Daniel Kim, Head of Growth at SFOX, an enterprise-grade trading platform with algorithmic trading tools for businesses and traders to buy and sell bitcoins, former Director of Institutional Sales at Gemini Exchange and assistant of Vice President at BNP Paribas, shared his opinion on general price forecasting with Coinidol:
“On a basic level, valuing and forecasting bitcoin price is to understand it's supply and demand. That said, there are a multitude of factors that affect the value of a cryptocurrency ranging from external factors such as the implementation of another blockchain and rumors to internal factors such as the demand for the currency from the network. A few factors to consider: government regulation, mainstream adoption, media influence, and technological advancements or development.”