BitMEX co-founder Arthur Hayes has come forward, stating that Bitcoin price will reach $50,000 by the end of 2018. He also sees a potential bottom in the range between $3,000 and $5,000.
$50K By Year’s End
Hayes has been quite outspoken about his bullish sentiment on the price of Bitcoin (BTC). Despite the serious volatility in the price of the leading cryptocurrency, in May, Hayes held that it would hit $50,000 by the end of 2018.
He spoke on CNBC’s Fast Money Friday, June 29th, outlining that it’s this volatility that investors find attractive because it brings grounds for larger gains. Hayes stood on his feet, attributing his current bullish prediction to the further visibility and traction that Bitcoin is gaining, saying:
Now that we have more visibility, more people talking about [bitcoin], the time between an aggressive bear market and an aggressive bull market, I think, is going to shorten.
Hayes also added that the yearlong decrease in the price of Bitcoin is fairly self-explanatory, offering:
Something that goes up to [around] $20,000 in one year can have a correction.
Bottom Between $3,000 and $5,000
BitMEX’s CEO noted that Bitcoin could find a bottom in the range between $3,000 and $5,000 but there are a lot of potential positive triggers which could skyrocket the price back to $20,000 and even up to $50,000. He noted:
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.
It’s worth noting that, at the time of this writing, Bitcoin is trading at $6,596.63, marking a 3.62 percent increase in the last 24 hours. A similar sentiment can be observed with all the other top 20 cryptocurrencies, which are all trading in the green.
Do you think $50,000 by year end is a realistic Bitcoin price prediction? Don’t hesitate to let us know in the comments below!
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