Bitcoin’s foray into record territory continued Tuesday as the cryptocurrency reached nearly $3,500 a coin. Early buying propelled bitcoin to a high of $3,486 before sellers managed to push it down to $3,435, up 1.34%.
Bitcoin survived the August 1 “fork” that split it in two, seeing only minimal losses when some were predicting a doomsday scenario. Selling on that day dropped bitcoin to a low of $2,643. It has rallied about 30% since its August 1 bottom.
As for how high bitcoin can go, Sheba Jafari, the head of technical strategy at Goldman Sachs, said back in late July that the cryptocurrency had the “scope to reach 3,691.” Jafari has been spot on with her bitcoin call, earlier predicting a big drop was coming.
Dennis Porto, a bitcoin investor and Harvard academic, told Business Insider that over the long term he had noticed bitcoin’s price was following Moore’s law, a first for a technology’s price, and said he thought bitcoin could reach $100,000 as long as that continued.
“This poses a unique opportunity for investors: Whereas it was difficult to invest in circuits or internet speeds, it is easy to buy a bitcoin,” Porto told Business Insider.