The price dropped a little over the weekend, and is currently hovering just over $4100, according to reports from Coindesk.

The value of Bitcoin has been climbing throughout 2017, and has quadrupled in value since the start of the year, with the value almost doubling in August. Until now, Bitcoin had never managed to surpass the $3000 mark.

Bitcoin has been in rough waters during this month as a result of a fork, with the Bitcoin Cash spin-off emerging to challenge Bitcoin in a move that could have seen the value plummeting.

Despite tension amongst investors, Bitcoin demonstrated its resilience and only increased in value, whilst the competing fork Bitcoin Cash is currently floating far below it’s peak price.

Projections from Goldman Sachs estimate that the value of Bitcoin will top out just below $5000, and may well plummet to half that value immediately after.

This analysis is based on the ‘Elliot Wave’ principle, a trend in financial statistics that predicts; after five consecutive surges in price due to market impulses a product will enter a ‘corrective’ phase and it’s value and growth will normalize.

However, unlike most currencies, the total circulation of Bitcoin is fixed at 21 million digital Bitcoins. This suggests that as larger institutions and more people accept cryptocurrencies as an aspect of daily life, they will become far more in demand than could ever hope to be supplied. This will skyrocket the value of Bitcoin.

Many groups are already showing significant interest in securing vast quantities of Bitcoin, perhaps hoping to cash out at the perfect opportunity or those who need to hide their activities from increasingly pervasive state and corporate surveillance.

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