Bitcoin had a rocky start, But since it took off nearly 6 years ago (3 January 2009), It always stayed on course of a single direction over time and obstacles: Upwards.
It got a lot of bad reputation due to its use in criminal enterprises as well as the frauds committed along the way by various con-men who seen this new digital currency as a good means to an end, with the end being getting other people’s money without providing any real return.
Currently, many might dispute this claim that the only direction is upwards, as the price of Bitcoin has been deteriorating over the last few weeks and now stands at 491 USD per Bitcoin. However, this setback for me is actually expected. Bitcoin price as I see it works like waves crashing on a shore, and as such, there’s always a big retreat before the tsunami comes. Bitcoin also depends on a certain mass of users, investors and public acceptance by consumers and organizations alike. Each time it reaches a certain peak point, a critical mass is achieved and the price shoots up.
I believe in the next weeks or months that follow, the price will shoot over 700 USD and might go even above 1000 USD. That’s my opinion.