Bitcoin‘s forray into record territory continued on Tuesday as the cryptocurrency reached nearly $US3,500 a coin. Early buying propelled bitcoin to a high of $US3,486 before sellers managed to push it down to its current level of $US3,435, up 1.34%.
Bitcoin survived the August 1 “fork” that split it in two, seeing only minimal losses when some were predicting a doomsday scenario. Selling on that day dropped bitcoin to a low of $US2,643. It has rallied about 30% since its August 1 bottom.
As for how high bitcoin can go, back in late-July, Sheba Jafari, the head of technical strategy at Goldman Sachs said the cryptocurrency had the “scope to reach 3,691.” Jafari has been spot on with her bitcoin call, earlier predicting a big drop was coming.
Over the long-term, Dennis Porto, a bitcoin investor and Harvard academic, told Business Insider he has noticed that bitcoin’s price is following Moore’s Law, a first for a technology’s price, and said he believes bitcoin could reach $US100,000 as long as that continues.
“This poses a unique opportunity for investors: Whereas it was difficult to invest in circuits or internet speeds, it is easy to buy a bitcoin,” Porto told Business Insider.
Get the latest Bitcoin price here.