Bitcoin Price is Exceeding All Expectations: It’s Over $11,000 Now
It seems the market has gone mad. Bitcoin is surging further, reaching all-time highs every day. However, despite such an overwhelmingly bullish uptrend, there are high chances of a significant correction.
As of Wednesday, November 29, Bitcoin is traded at a rate of over $11,000. In the morning, CoinMarketCap showed the price at $11,082. The uptrend exceeded all expectations, having hit the $11,000 threshold far earlier than was anticipated.
Some experts anticipate an even more significant bullish trend. Billionaire hedge fund legend and former Fortress executive, Mike Novogratz, thinks BTC will hit as much as $40,000 by mid-2018 due to a large number of institutional investors entering the market. He stated on CNBC’s Fast Money:
“There’s a big wave of money coming, not just here but all around the world. What’s different about these coins than other commodities … there is no supply response here. So it’s a speculator’s dream in that as buying happens there’s no new supply response that comes up. So every price move gets exaggerated. It’s going to get exaggerated on the way up. There will be 50 percent corrections. It will get exaggerated on the way down.”
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