Bitcoin price tops $1,000 in first day of 2017 trading – some analists expects the price to double this year or even more

Bitcoin prices rose more than 100% in 2016, climbing from roughly $430 at the start of the year to $963.14 at around 19:00 UTC on 28th December, according to CoinDesk USD Bitcoin Price Index (BPI) data. The price of bitcoin inched upward over the course of trading, passing $1,000 on first day of 2017 for the first time on CoinDesk Bitcoin Price Index since early January 2014.

As asserted by analysts, 2017 is expected to be a banner year, one that could finally lead the price to pass its all-time high of $1,216.7 set in 2013.

While bitcoin prices rose sharply in 2016, climbing to multi-year highs, they will likely push even higher in 2017, according to a panel of experts polled by CoinDesk. Propelled forward by numerous forces including strong market momentum, rising interest rates and an influx of new money, the digital currency’s price could surge to fresh, all-time highs next year, the analysts asserted.

When polled mid-December and asked where they thought bitcoin prices would finish out 2016, analysts pointed to factors such as market dynamics and macroeconomic uncertainty when explaining their year-end forecasts.

They cited many of the same variables when weighing in on what they think bitcoin prices will do in 2017. In addition, they noted an influx of new money, rising interest rates and the way bitcoin has behaved in prior bull markets.

To get a broad range of input, CoinDesk sought input from several market participants, whose comments are included below:

Source: coindesk.com