In my now bi-weekly look at Bitcoin I tend to focus on the news rather than the price. Bitcoin is a long-term challenge to banking and even money as we know it, and I have felt that progress in terms of recognition and understanding is more important than the vagaries of the market.
The price can take care of itself.
I last looked at price back in April, when I argued that the long term chart for BTC/USD was supportive of the bull case. At that time BTC/USD was trading at around $425, and is now around $576, about 35 percent higher, so I guess that worked out okay. The recent consolidation above $500, though, prompts an interesting question, and one that many people thought would never again be asked, or at least not for a long time: Is BTC/USD above $1000 a possibility in the near future?
To many it may seem as if a nearly 100 percent increase in price is not something that is realistic in any foreseeable time, but it should be pointed out that the aforementioned 35 percent increase came over only a couple of months and that BTC/USD has doubled in the last eight months. In a