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Despite Potential Forks and Volatility, Bitcoin Price Eyeing $6,000 in 2017


There are a few rocky months left in the year for Bitcoin, but experts are starting to predict that the digital currency could still rally another 40 percent to end on $6,000 for the year.

Many have had stabs at predicting the Bitcoin price at the end of this year of rapid rise, from stock picker Ronnie Moas who said he sees Bitcoin reaching $5,000 by the end of the year - although it already crossed that boundary recently.

Busy third quarter

Bitcoin has seen a lot of activity in the third quarter of this year, from dramatic rises to forks and bans on ICOs. However, despite the ups and downs, it has been a growing market overall.

Bitcoin was up over 74 percent in September, but the shifting landscape of governmental regulation and technology decisions has seen it bounce up and down recently.

Hard forking

The much anticipated and feared Aug. 1 fork, which went ahead, showed the differing sides of Bitcoin's volatility as the fear of the fork caused a minor collapse, before a rapid growth.

Bitcoin Cash was created, but the fear and worry about the new currency was unfounded as Bitcoin quickly skyrocketed after the infighting ended and a consensus was reached on the scaling debate.

Japan's power move

While the news of China's crackdown was seen as negative, and the markets reacted as such, the recovery has seen a shifting in power. Japan has now emerged to take China's mantle as one of the leading cryptocurrency nations.

Japan has been more open to cryptocurrencies. Regulators there legalized Bitcoin and major retailers have begun accepting it as payments. Japan's Financial Services Agency (FSA) also officially recognized 11 companies as registered cryptocurrency exchange operators.

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