ACCORDING TO CURRENT REPORTS.
Bitcoin is close to hitting a price that could see a 47 percent correction, according to one analyst, following a huge rally for the cryptocurrency that has led it to record highs.
On Thursday, bitcoin hit an all-time high of $2791.70, according to CoinDesk data, marking a 180 percent rally year-to-date.
Meanwhile, the number of long positions – those betting on bitcoin to rise – has risen 18.2 percent, while short positions – those thinking the cryptocurrency will fall – have declined 10 percent since the start of the week, showing that traders are getting more bullish on the cryptocurrency, according to data from Bitfinex.
So while the long-term prospect of bitcoin seems to be positive, in the near-term, traders could see a pull-back. However, not all agree with Duke's forecast.
Bitcoin to hit $6,000?
A number of reasons have pushed bitcoin to record highs, such as legalization of the currency in Japan for payments, boosted interest from Korea, as well as the conclusion of a debate about the future of the cryptocurrency.
Fifty-six companies around the world and 83 percent of bitcoin miners supported the "Bitcoin Scaling Agreement," according to the Digital Currency Group. The document lays out an upgrade that should increase bitcoin's transaction capacity.
