Bitcoin explodes above $2,500

Bitcoin is soaring on Thursday, trading up 13.01% at $US2,576 a coin. The cryuptocurrency continues to rally as traders look ahead to the August 1 ruling on whether or not bitcoin will be split in two.

Thursday’s gain has the cryptocurrency up 40% from its July 17 low of $US1,852. That’s the day bitcoin tumbled 20% on amid renewed fears it would be split in two.

The recent rally has bitcoin within 16% of its all time high near $US3,000 set on June 12. In a recent note to clients, Sheba Jafari, the head of technical strategy at Goldman Sachs, suggested the cryptocurrency would make another run at record highs after holding strong support in the $US1,856 to $US1,790 area.

“The minimum target for an eventual Vth wave from current levels is 2,988; an extended 5th could reach ~ $US3,691,” Jafari wrote.

Get the latest Bitcoin price here.

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