Bitcoin is a volatile investment and there are significant risks to buying this virtual currency. If you are thinking about investing in Bitcoin or any cryptocurrencies, it is a good idea to talk with a Bitcoin lawyer first about how to comply with the law and purchase coins in a safe and responsible way that protects your investments. 

While there is a lot of risk involved in investing in Bitcoin, some analysts have suggested recently that it is possible Bitcoin could soon break out and its price could go much higher. Analysts explained in MarketWatchin an article in mid-October some of the reasons why they're feeling like Bitcoin's price could soon rise. 

Some Analysts Are Still Positive About Bitcoin

In mid-October, Bitcoin's price was hovering around $6,500, but MarketWatch reports that several analysts think that Bitcoin's lull is soon going to end and prices for the cryptocurrency could rise quickly. 

It’s only a matter of time now,” MarketWatch quoted Mati Greenspan, senior market analyst at eToro about a Bitcoin breakout as saying.  MarketWatch also quoted Rob Sluymer, technical strategist at Fundstrat Global Advisors, who said “The coming 1-2 weeks could prove to be a near-term pivotal point for many cryptocurrencies.”

Greenspan points to several factors in making his prediction that Bitcoin prices will likely rise soon. One of those factors is a rising number of transactions that are taking place each second with the cryptocurrency. Transactions per second is seen as a reliable indicator about how blockchain will scale up or expand and be adopted as a currency in more situations. 

Sluymer, on the other hand, suggested that the cryptocurrency indexes that its firm tracks are pushing resistance points and could break through so prices go higher in the near-term.  Bitcoin and the majority of all cryptocurrencies have traded in a narrow price range in recent weeks, and if prices of cryptocurrencies are able to push through this resistance point so prices trend higher, Sluymer suggests that the response from traders is likely to be a massive one.  This big response could cause more buyers to trade Bitcoin, pushing the price even further up due to the increased demand for the cryptocurrency. 

While these analysts believe that Bitcoin is going to trend upward, this is just one opinion and there are others who disagree. Because Bitcoin is so volatile, it's natural for experts to have conflicting opinions about how investments in this cryptocurrency are likely to perform.  Investors face big risks, but also strong potential for gains, when they decide to make an investment in Bitcoin.

If you're thinking of investing in Bitcoin or any virtual currency, it's vital that you educate yourself on your rights and obligations as an investor and that you make smart investing decisions. A Bitcoin lawyer can provide you with guidance and advice on how best to protect your investments and remain in compliance with the law.