Bitcoin (BTC) recently gained over $700 in less than 45 minutes, marking an increase of upwards of 10 percent. This has left a lot of the experts wondering whether the world’s largest cryptocurrency has finally entered its long-awaited bull market. According to Arthur Hayes, however, we haven’t seen the worst Bitcoin price yet.
Bitcoin currently trades at $7,322, marking a slight decrease of 1.91 percent over the last 24 hours. Regardless, the price is up with more than $1,100 from seven days ago, after surging with more than 10 percent July 17th.
The Worst Is Yet to Come
Despite the substantial price increase, Arthur Hayes, CEO of cryptocurrency exchange BitMEX, holds that we have yet to see a serious decline. Speaking to CNBC’s Fast Money Thursday, July 19th, he noted:
I don’t actually think we’ve seen the worst, – while also adding – I would like to see us test 5,000 to really see if we put a bottom in.
Hinting that Bitcoin hasn’t bottomed yet, Hayes also said that the first and foremost cryptocurrency could increase in price before falling again. He added:
I think the current rally will top out close to but not greater than $10,000. Then we will fall and test $5,000. If that holds then we can rally to $50,000 by year-end.
It’s noteworthy that Hayes has been consistent with his statements. The last one is a reiteration of his prediction earlier in July where he estimated the price would bottom in the range between $3,000 and $5,000 while remaining entirely bullish nonetheless, saying:
We could definitely find a bottom in the $3,000 to $5,000 range. But we’re one positive regulatory decision away, many an ETF approved by the SEC, to climbing through $20,000 and even to $50,000 by the end of the year.
Other permabulls like Digital Currency Group’s Barry Silbert, on the other hand, outlined that Bitcoin has already seen its bottom. Silbert said at the Delivering Alpha Conference:
I think we’ve probably hit the bottom for the year.
Silbert also outlined that major bullish signals can be identified in the behavior of Bitcoin’s price, stating:
When the chair of the Fed says negative things about Bitcoin, and Howard Marks says negative things about Bitcoin, and Ken Griffin says negative things about Bitcoin and Bitcoin doesn’t move, I think that’s a really bullish sign.
Do you think Bitcoin price has seen its bottom for the year or is the worst yet to come? Don’t hesitate to let us know in the comments below!
Images courtesy of Shutterstock and CoinMarketCap.