Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
BitMEX co-founder Arthur Hayes has once again reiterated his prediction that the price of Bitcoin will reach $50,000 by the end of the year â but maybe not before exploring lows around $3,000.
âOne Positive Regulatory Decision Awayâ
Arthur Hayes, co-founder of cryptocurrency trading platform BitMEX, has doubled down on his year-end prediction for bitcoin late last week, telling CNBCâs âFast Moneyâ that the market leader will hit $50,000 before the year is through â but maybe not before exploring prices as low as $3,000. He stated:
We could definitely find a bottom in the $3,000 to $5,000 range. But weâre 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 the year.
Hayes made the same prediction in May 2018, when he also stated:
Itâs my job to make predictions. Whether theyâre right or wrong, it doesnât matter to me.
âMore Visibilityâ
While making bold year-end predictions is all well and good for media attention and hype, some may find such a high figure comical â given the undeniable fact that the first and foremost cryptocurrency has been in the throes of a brutal and bearish downtrend for the entirety of 2018.
From a short-term perspective, it is clear that Bitcoin has a lot of work to do if it simply wants to reach $10,000 â let alone break it and push towards all-time highs at twice that level. With half the year already gone, reaching $50,000 may potentially require the inflation of another absurd bubble.
Still, Hayes â whose exchange has a large stake in the cryptocurrency trading market â noted:
Weâve done these kind of moves before [âŠ] 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.
More conservative predictors of Bitcoinâs year-end price would likely advise caution when making investments based off of such arbitrary predictions. Before we can start talking about $50,000, it may be wise to first find buyers above $7000.
What do you think about Arthur Hayesâ prediction that Bitcoin will reach $50k by the end of the year? Let us know your year-end predictions in the comments below!
Images courtesy of Shutterstock, CoinMarketCap.com.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.