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Bitcoin’s back at it again with a major boost crossing $4,000.

Image credits: Bitcoin.com

It’s really become a routine for bitcoin owners to wake up to a different price almost every day.

The price of bitcoin has been a bit stationery ever since China regulators announced a ban on ICOs and shut down of BTCChina by October. It tumbled down to $3,700 from $4,000 and remained in that range for the past two weeks.

But, now with the price coming around $4,050 and rising, it’s not too early to say that Bitcoin is back in the game. There hasn’t been an instance where bitcoin has failed to make a come-back and this was definitely one of those times.

So, what’s prompted this latest rally? It’s possible that the speculation of China’s exchange shut down is just temporary, especially since it was never formally announced. But regardless, this just proves that Bitcoin can survive without China and is resistant to the activities of a country.

Next stop, $5,000?

The bitcoin rally we experienced on Wednesday has assured several Bitcoin analysts and traders that if the current upward descent is maintained, we might see a $5,000 hit soon.

A well-known bitcoin trader and investor, Tuur Demeester, also distinguished that if the trading volume in Japan, South Korea, Europe and the US sustains, we could be in for another strong rally in the near future.

News Credits: steemit.com

Tags: Bitcoin news