The price of bitcoin is once again trading near an all-time high.
But with the price of bitcoin up 200% year-over-year, many are now asking where the digital asset will trade going forward. Analysts largely agreed it's up.
When identifying bitcoin's psychological price level, more than one pointed to $1,500, though there was far from an even consensus.
Tuur Demeester, economist and cryptocurrency trader, for example, emphasized the importance of bitcoin's yuan-denominated price.
"¥8,000 seems [to be] an important psychological level," he said, adding:
At press time, bitcoin was trading at just ¥7,800 (roughly $1,130), a differential no doubt influenced by the current freeze on certain exchanges services in China.
Elsewhere, traders were even more bullish on prices.
Arthur Hayes, co-founder and CEO of leveraged digital currency platform BitMEX, took perhaps the most bullish approach among analysts polled, asserting that $2,000 could be a reasonable target for the asset.
Likewise, cryptocurrency hedge fund manager Tim Enneking predicted that the cryptocurrency's price will "march to $1,500", but perhaps stop in that range.
Still, Enneking told CoinDesk that bitcoin prices will pause at this level as traders take profits and adopt a "wait-and-see" approach.
Enneking asserted that without such a pause, "it will be too much upward movement too fast to sustain". Marius Rupsys, cryptocurrency trader and co-founder of fintech startup InvoicePool, was also hesitant.
He emphasized that once bitcoin reaches a fresh, all-time high, it is difficult to predict exactly when traders will begin taking profits.
Of course, given that many bitcoin traders identify as long-term bulls, some may simply balk it this question, raising up the digital currency's performance as another sign it's destined to become a viable, and valuable, alternative to fiat options.
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