Bitcoin price rallied up from $6,200 to $7,500 regaining 50-day moving average (MA) again for the first time in three months. The sudden rally has been attributed to the recent news making round the media that BlackRock company, the world’s largest asset manager, and the exchange-traded fund is making plans to enter into cryptocurrency trade market.
Bitcoin price is currently trading at $7,375 as at the time of writing. This change in the bitcoin price is coming after a huge drop in price. As it December to early this year, bitcoin price reached all-time high trading at $20,000 per bitcoin.
However, Bitcoin price after few months retraced back badly reaching as low as $5,000. A situation that made many investors loss huge. Speculation stated bitcoin was over-priced, while the drop in price was pointed to Tether over pumping the price, a situation they consistently denied and attributed it to bug issue.
In this recent surge in price, many crypto enthusiasts and experts have come out to authoritatively say that the bad days are over for the top-ranked cryptocurrency. They believe bitcoin will see a tremendous increase in price henceforth. However, during a cross-section interview with CNBC, a trader still believes bitcoin price will still dip further before soaring ALL Time High. According to him:
Bitcoin price hasn’t seen the bottom yet. Also, Speaking to CNBC on Thursday (July 19, 2018), the Bitmex co-founder and CEO said: I don’t actually think we’ve seen the worst.
Bitmex CEO stated $10,000 as the most optimistic projection for bitcoin price. He believes after reaching this price, bitcoin will drop deeply. Hayes expects the current price rally to take BTC up to maybe $9,000 or $80,000.
In June 2018, Bitcoin price fell below $6,000 setting a new 2018 low at $5,700. Top investors like TenX founder, Julian Hosp, predicted that bitcoin would dip close to $5,000 before soaring to a new All-Time High later this year. He predicted the price to reach above $50,000.
In an email sent to CNBC, Hayes forecasted Bitcoin price Will Hit $50,000 by the End of 2018.
The Bitmex chief said:
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.
He went further to advise traders to be wary of the summer months because according to him, investors tend to cool off a bit. However, by the end of Q3 and the start of Q4 2018, Hayes expects the bullish sentiment to return once again.
Do you have different views as to what the price of bitcoin agree or you with Arthur Hayes’ BTC price analysis? Let know us in the coment below .
Image courtesy of Coinmarketcap.