After recording a nearly $300 increase in a 24-hour period, Bitcoin achieved its new all-time high price at $2,933, closing in on the $3,000 region.
On May 25, Bitcoin price fell from around $2,700 to $1,900 amidst a major market correction. Prior to that, Bitcoin price surged explosively and as a response, analysts and experts predicted the price to correct itself in the short-term.
However, upon the initial decline of Bitcoin price, Bitcoin analysts including WhalePanda and RT’s Max Keiser emphasized that Bitcoin had always recovered beyond the peak of the initial bubble and has proven to rise in value in the mid and long run.
Keiser, in particular, noted that the price trend of Bitcoin will repeat until it hits $100,000 in the future when the market cap of Bitcoin enters the trillion dollar region.
This pattern will repeat all the way to Bitcoin $100,000 and beyond… pic.twitter.com/o9Wj4reBtv
— Max Keiser (@maxkeiser) June 2, 2017
For instance, Bitcoin fell from $2,700 to $1,900 in a period of two days from May 25 to May 27. However, within less than two weeks, Bitcoin price recovered beyond its previous peak established at $2,700 by surpassing $2,900 and reaching closer to $3,000. Keiser and many Bitcoin and cryptocurrency analysts believe that this trend will continue until Bitcoin challenges reserve currencies and current monetary systems in existence.
May has been a big month for Bitcoin
In May, Bitcoin saw tremendous progress in scaling discussions, global regulations, liquidity and mainstream adoption. Earlier last month, Bitcoin Core developer Eric Lombrozo vowed to help Barry Silbert, the Digital Currency Group and 56 other companies participating in the Bitcoin Scaling Agreement to scale Bitcoin efficiently and securely.
I will work hard with @barrysilbert to make his initiative a success.
— Eric Lombrozo (@eric_lombrozo) May 28, 2017
On May 10, the Australian government officially removed the double taxation of Bitcoin in an attempt to revive its cryptocurrency market and industry. Last week, Japan’s largest forex market and major multi-billion dollar conglomerate GMO opened a Bitcoin exchange to address the explosive increase in demand for Bitcoin from local casual and institutional investors.
In terms of scaling, global mainstream adoption and regulatory frameworks, Bitcoin is evolving at an exponential rate and its growth is evidently being demonstrated through its price trend.