Bitcoin spikes to a record high above $4,700
Thursday's advance caps off a big month for bitcoin, which has rallied 63.5% since the August 1 fork that split it in two.
Bitcoin cash, the cryptocurrency that was formed from the fork, has gained about 116% since its first trade of $300.
August has been an eventful month for bitcoin. Aside from the fork, developers introduced a new software called Segregated Witness, or SegWit. "SegWit is a clever solution that essentially increases transaction capacity," Aaron Lasher, the chief marketing officer of Breadwallet, a bitcoin technology company, told Business Insider.
And while bitcoin has gained about 385% so far this year, the good times likely won't last forever.
In a note to clients sent out in the middle of August, Sheba Jafari, the head of technical strategy at Goldman Sachs, suggested bitcoin would climb as high as $4,827 before correcting.
"At this point, Bitcoin would have to move back under 2,935 (Jul. 21st high/top of wave 1/V) to signal that a top is already in place," Jafari wrote.
She predicts a correction could take bitcoin all the way down to about $2,221.
