Could the price of bitcoin to headed to $8,000 next? That could be the case, based on its latest price movements. At 21:41 UTC, the price of bitcoin was $7,864.68, an increase of 8.05% in the last 24 hours. The cryptocurrency has covered much ground in a short period of time.

This past weekend, it had crashed to a low of $5,617.69 after reaching a high of $7,800 last Friday. Its main rival, Bitcoin Cash, however, continued its decline from Thursday morning. As of this writing, it was trading at $1,015.18, down 16.18% in the last 24 hours. Interestingly, Bitcoin Cash was still more popular with cryptocurrency miners than bitcoin, as of this writing. (See also: Bitcoin Price Falls As Bitcoin Cash Gains.) 

Other cryptocurrencies were also boosted by bitcoin’s rise. IOTA, a cryptocurrency specially designed for Internet of Things (IoT) transactions, registered the biggest gain, rising by 19.6% in the last 24 hours, to trade at $0.888. On an overall basis, the market capitalization for cryptocurrencies continued to trend higher to set a new record. At 21:51 UTC, the market cap for cryptocurrencies was $228.4 billion.

A bitcoin touchdown at $8,000 would validate Goldman Sachs’ prediction for the cryptocurrency. Earlier this month, Sheba Jafari, a technician at Goldman, stated that bitcoin would consolidate at $7,941 before aiming higher. She termed the increase in bitcoin’s price an “impulsive rally” pattern.

Other analysts have used Fibonacci sequence series to analyze bitcoin’s price movement, while forecasting higher prices for the cryptocurrency. For example, billionaire Michael Novogratz has predicted a price target of $10,000 for bitcoin. (See also: Bitcoin Price Hits Record High.) 

Moving Beyond Volatility      

While bitcoin has become an attractive short-term asset for traders looking to profit off its volatility, governments and institutional investors may be creating a long-term future for the digital currency. For example, CME recently announced that it was planning to start trading in bitcoin futures as soon as next month.

Coinbase, the world’s largest cryptocurrency wallet, announced Coinbase Custody today. The service is aimed at institutional investors and helps them store digital assets using Coinbase’s wallet. Bitcoin is also being used in IRA.

According to Jay Blaskey, a digital currency specialist with BitIRA, a longer investment horizon helps discount short-term volatility in price movements. “While still relatively new to the market, digital currency is an asset class that can offer IRA owners serious advantages, like tax-free growth, portfolio diversification, speed, security, inflation protection and tremendous profit potential,” he said.

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