At this point, anyone pretending to know what the ceiling is on Bitcoin should be considered no more reliable than a palm reader. On Tuesday, the trading price of the most prominent cryptocurrency hit $10,000 for the first time. And that nice round number will almost certainly have the kind of psychological effect that brings in new traders.
Based on analysts’ recent predictions, the $10,000 milestone could be the beginning of the end or just the beginning. Some thought that $2,000 would be the point at which we’d see a reversal of Bitcoin’s ascent. Others predicted it would top out at $4,000. Then, $4,000 became the floor. These days, analysts with decent reputations have predicted the cryptocurrency’s trading price could go as high as $50,000, $100,000, and even $1 million.