Weekly Price Analysis: Bitcoin Scaled New Price Heights After CME Group’s Announcement

Bitcoin is scaling new price heights.

On October 31, 2017, CME Group — the world’s largest regulated derivatives exchange — announced its plans to launch bitcoin futures contracts. It is the first licensed U.S. trading platform to accept cryptocurrency. This was precisely the reason for Bitcoin’s price to sky-rocket to the value of $6,619 - the highest value ever! 

However, there was more to come. Bitcoin has been becoming more and more expensive during the week, reaching another highest level - $7,449 on November 3! Moreover, as the SegWit fork is coming, the price is expected to increase to about $10,000. 

Kevin Barnes, CEO of Blocksafe Foundation, a blockchain-based platform providing gun owners with smartgun technology for secure, private, and decentralized system for tracking gun registrations, the participant of CoinAgenda Global, a new conference that combines the historic mission of CoinAgenda and BitAngels to connect and inform investors and entrepreneurs in the bitcoin, blockchain and cryptocurrency sectors with three first-of-a-kind, mini-conferences within the main event, stated: 

“Bitcoin’s price reinforces that it is only a matter of time before demand pushes its market value to 10k+. No matter how many forks are in the road.” 

Jim Blasko, co-founder of Aspire, a revolutionary new platform designed to allow users to easily create their own digital assets under a faster and more secure environment, seems to share this opinion: 

“I would say, Bitcoin will continue to set all-time records on its way to 10k and beyond. Bitcoin is only getting started.” 

The Price of Bitcoin Reflects the Era we Live in 

The price of Bitcoin is growing quite rapidly, but, it is still a bit unstable. On November, 4 its price decreased to $7144,42 (-3.16%). However, the experts believe this is not critical, and not for long. 

Andrei Popescu, a lifetime member of the Bitcoin Foundation, and Chief Experience Officer at C.O.S.S. PTE LTD, a platform which encompasses all the features of a digital economic system based on cryptocurrency, said “Bitcoin reflects the era we live in, an era where blockchain technology is causing dynamic changes in almost every sector of our economy, traditional businesses and the financial world alike.” 

He added: 

“Major players in the financial and e-commerce worlds are making that leap across to the crypto world, both as a leap of faith and as a satisfaction of market demand. CME and Amazon are 2 examples of many. The gap between the traditional and crypto worlds is now going through a bridging effect. It's not so much an event, but rather a trend. On that note, like any other market, we do expect a correction in the short run. The long run, however, will bring more and more new highs.” 

Another expert, Michael Morton, the founder of Morton Bitcoin Management, a niche IT investment firm that specializes in Bitcoin investing and startups using blockchain technologies, and GNEISS, a universal Ethereum peer-to-peer smart contract asset exchange, stated: 

“I believe the bitcoin price will continue to bubble up to $10,000+ over the next few weeks to months. From there it's either up to the financial institutions to cave and start heavily investing in bitcoin which could pump it above $25,000 or it will have a correction back down to $5,000 because the average person will decide not to buy that high.”