Don't look now, but bitcoin has remained over $900 for several days in a row now hitting a high of $921.33 on the dinbits index over the last 24 hours.
It appears as if the profit taking and other activity which caused a dip down into the $800's after hitting a high of over $1000 on New Years day is now stabilizing. Many forecast a large drop in price which didn't solidify while we remain supportive of going long.
The volatility was fantastic for a good portion of January making short trading lucrative but that has also stabilized. However there is still money to be earned with short-term investing or day trading with bitcoin, we just aren't; seeing the drastic margins enjoyed earlier in the month.
There's something to be said for stability.
Bitcoin Outlook 2017
The real question now is when will we see $1000 again and when will that be the number bitcoin is hanging over? It may be sooner than anyone thinks and some forecasts show bitcoin hitting as high as $3000 in 2017.
Here at dinbits, we're going to predict somewhere between $1600 and $1800 or better at some point in 2017, which is a bit more conservative than many estimates, but that's because there's allot of things that will be stabilizing bitcoin in 2017 and allot of bitcoin price will reflect products coming to the market in addition to financial reasons.
Adversely, one prohibitory factor will be failed blockchain projects and startups that have nothing to do with bitcoin or its blockchain. These mention bitcoin in grand fashion when it helps them get the word out, while at the same time they bash bitcoins architecture to promote their own systems.
When these systems don't produce, the mainstream media will drag bitcoin through the mud with any mention of any kind of failed blockchain because they take every chance they get to do so, despite bitcoin's complete lack of involvement in these projects. Thus there will certainly be a ding or two but that won't really hurt anything long term.