Bitcoin has been rising like crazy over the last few days, and looks like the price of bitcoin may be rising to a certain peak. According to NewsBTC, bitcoin began at $256 and quickly rose to $267, and if all goes well, the price may increase all the way up to $300- or even higher.
Here's what NewsBTC said about potential snags along the way: "bitcoin price will face resistance at $284 and $320 which correspond to the 61.8% and 50% retracement levels respectively."
However, CoinDesk doesn't just know that bitcoin will surge past $300. They claim to know exactly when bitcoin will hit its peak. Apparently, because the current bitcoin price is $259.46, bitcoin's peak price would be "roughly double that," which comes down to $518.59.
However, CNBC has some very harsh words for bitcoin enthusiasts. They're claiming that bitcoin is too new and underused to be stable, and that it'll take an important app or piece of hardware to finally make bitcoin legitimate.
"Bitcoin is a technology that still needs to find its use case. The iPhone defined an industry by giving consumers and businesses something that they didn't know that they needed. For bitcoin, there's no proven killer app, although numerous players are working on it. We need a bitcoin usage model in 2015 that does something better today than we did yesterday, and we're just not there yet."
However, CNBC also admitted that bitcoin isn't nearly as volatile as it was a year or two ago- which is bound to be a good sign.
"Although the swings in absolute value seem to be lower in 2014 than they were at the end of 2013, the volatility will likely remain for the next few years,"
For now, just keep watching the Bitcoin numbers and don't stop trading- you never know when the price might balloon up to five hundred dollars or more.
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