BitMEX CEO Arthur Hayes Belives That Bitcoin Will Be At 5000$

24,313

On CNBC’s Fast Money, BitMEX CEO Arthur Hayes reaffirmed his stance on the price of bitcoin stabilizing in the $5,000 region before initiating the next rally.

Is a 25% Drop Aprox?

On July 5, Hayes appeared on CNBC’s Fast Money and discussed the price trend of bitcoin and the extreme volatility in the cryptocurrency amidst the third worst correction in the industry’s history.

At the time, Hayes stated that the price of bitcoin will likely bottom in the range of $3,500 to $5,500. Anyway it can achieve $40,000 by the end of 2018.

The approval of a bitcoin exchange-traded fund (ETF), which has been the focal point of bitcoin price predictions as of late by various experts and large retail traders, could play a vital role in building a robust infrastructure for bitcoin to depend on throughout its climb to $20,000.

“Absolutely [I stand by $50,000 prediction by 2018]. I think something [bitcoin] that goes up to $20,000 in one year can have a correction down to $6,000. I think we can find a bottom in the $3,000 to $5,000 range, but we are one positive regulatory decision away, maybe an ETF approved by the SEC, to climbing through $20,000 and even to $50,000 by the end of 2018,” Hayes said.

Still,  his firm belief in the price of bitcoin achieving a new all-time high at $50,000 by the fourth quarter of this year. Hayes said that the price of bitcoin will need to stabilize somewhere in the $5,000 region to obtain a strong support level and initiate a mid-term rally.

Since April, bitcoin has been able to secure corrective rallies with some momentum. Due to struggled surpass major resistance levels will be at $8,000, $10,000 and $12,000. Bitcoin attempted to breach the $10,000 resistance level twice in the past three months. But failed to secure momentum over the $10,000 mark, and falling below $6,000 thereafter.

Hayes explained:

“I don’t actually think we’ve seen the worst. I would like to see us test $5,000 to really see if we put a bottom in. But come back in Q3, Q4, I think is when the party is going to start again.”

Bubble-Crash-Build-Rally

Since 2010, the cryptocurrency sector has experienced a pattern of bubble-crash-build-rally. Coinbase CTO Balaji Srinivasan has said in TechCrunch: Sessions Zug, Switzerland.

The cryptocurrency market and major digital assets within it reach a new all-time high, create a bubble, crashes significantly. Developers build strong infrastructure to handle increasing demand, and market recovers again.

 

Subscribe to our newsletter
Subscribe to our newsletter
Sign up here to get the latest news and updates delivered directly to your inbox.
You can unsubscribe at any time

Comments are closed.