These are exciting times for cryptocurrency enthusiasts. Bitcoin’s price has been on a massive rally the past month rising by over 33% in just May alone. Most traders agree that the bear market is over because the bullish momentum has been in place since the beginning of the year. After briefly peaking at $8,300 earlier today, Bitcoin is currently trading at $8,045 on Bitstamp. In this article I will attempt to answer the two following questions: What does the future hold for BTC, and is it worth buying some coins right now?
Before we can talk about what the future holds for Bitcoin’s price, let’s go over a few potential reasons for Bitcoin’s recent price hike. In two different articles (5 reasons for Bitcoin’s recent price increase, and 4 more reasons why Bitcoin price is going up), we went over 9 reasons that could be contributing to the recent price hike: