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2017.10.0322:41:00UTC+00Bitcoin Projected to Rise to $6,000 by Year-End

Bitcoin could rise almost 40 percent to reach $6, 0000 before 2017 ends but the markets should be prepared for more volatility, according to experts.

On Tuesday, the digital currency traded around $4, 333.

In the third quarter, bitcoin has rallied more than 74 percent, making it one of the most eventful quarter in the crypto currency's history. This occurred against the background of shifting regulations and developments in the blockchain technology in the last three months.

The third quarter also saw bitcoin hitting a record high of $5,013.91, according to CoinDesk. The regulatory support for bitcoin in some markets, along with the increasing interest from institutional investors has helped bolster the digital currency's value.

The head of the APAC business development at Gatecoin, Thomas Glucksmann, said that they have estimated the bitcoin price will rise beyond $5, 000 and move closer to $6, 000 by the end of the year, a prediction he said is looking to be more in line with the market sentiment at the moment.

However, he also cautioned investors to prepare for additional volatility in November, as some in the bitcoin industry is seen to block SegWit2X, an upgrade on the bitcoin network that would help to increase transaction speed.

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