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This week bitcoin witnesses dramatic up and down from price ranging from $11,700k to $9,600k.A lot of debate has been done on whether Bitcoin has reached a natural peak of $10,000, or if it will continue to rise past its all-time high of nearly $20,000.

“$10,000 is a plateau for Bitcoin only as long as profit-taking continues,” Trevor Gerszt, CEO of crypto investment service CoinIRA, tells Inverse.

Not everyone agrees. An analysis last week from Bespoke Investment Group claimed during its rise that the price would find resistance at the $11,000 mark. If it stays around that level, it could signal stabilization for weeks, but a drop could signal a plunge to even $6,000.

However, others agree with Gerstz’s sentiment that a stabilization around the $10,000 could signal a further jump later down the line.

It’s been a busy few weeks for Bitcoin. Major exchange Coinbase has revealed plans to support the SegWit technology to boost transaction speeds, while Microsoft has signaled support for Bitcoin’s approach to speeding up transactions through the “Lightning Network,” which could support up to billions of exchanges per second. Whether this boost in fortune is enough to sustain Bitcoin’s momentum past the $10,000 is key.

BITCOIN MAY BE REVOLUTIONIZE THE OIL INDUSTRY

Oil giants like BP and Shell are making headlines with plans to utilize blockchain tech to completely transform how energy is bought and sold.
Petroteq could utilize new technologies to tap massive new reserves of energy, such as the Utah oil sands, while radically reducing environmental risk.
Integrating blockchain into supply-line management and logistics could dramatically cut costs.

WHAT IS THE RIGHT PRICE FOR BITCOIN

This week bitcoin witnessed dramatic up and down from price ranging from $11,700k to $9,600k.A lot of debate has been done on whether Bitcoin has reached a natural plateau of $10,000, or if it will continue to rise past its all-time high of nearly $20,000.

“$10,000 is a plateau for Bitcoin only as long as profit-taking continues,” Trevor Gerszt, CEO of crypto investment service CoinIRA, tells Inverse.

Not everyone agrees. An analysis last week from Bespoke Investment Group claimed during its rise that the price would find resistance at the $11,000 mark. If it stays around that level, it could signal stabilization for weeks, but a drop could signal a plunge to even $6,000.

However, others agree with Gerstz’s sentiment that a stabilization around the $10,000 could signal a further jump later down the line.

It’s been a busy few weeks for Bitcoin. Major exchange Coinbase has revealed plans to support the SegWit technology to boost transaction speeds, while Microsoft has signaled support for Bitcoin’s approach to speeding up transactions through the “Lightning Network,” which could support up to billions of exchanges per second. Whether this boost in fortune is enough to sustain Bitcoin’s momentum past the $10,000 is key.