The Price of Bitcoin Is Growing, as Predicted

Just in time for the holidays, the price of Bitcoin is rebounding after its recent decline. Priced as low as $3,600 in November, Bitcoin surpassed the $4,000 mark in the first week of December.

Despite the previous slump, this uptick points toward the bull run that analysts have long predicted. These rapid gains testify to the lasting appeal of the original cryptocurrency for investors and cryptocurrency miners alike.

Analysts speculate that the recent unprofitability of mining Bitcoin might have contributed to the slump. However, more efficient mining devices and lower prices for cryptocurrency are helping to reduce losses for miners, said Sam Doctor, head of data science at Fundstrat Global Advisors.

Bitcoin’s bounce arrives in the wake of its hardfork, a “civil war” between developers who could not agree on the direction for the cryptocurrency. The result was Bitcoin Cash, which brought on an initial sell-off that dropped the price of Bitcoin. However, a week later, investors are returning with confidence to a more diverse, robust, and cost-effective market than ever.

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