Arthur Hayes, CEO of crypto trading platform BitMEX, has suggested Bitcoin's current bull run may give way to a price point of $5,000 before heading to $50,000 in 2018, CNBC reports July 19.
Commentators have been scrabbling for explanations since Wednesday, July 17, when Bitcoin's price jumped from $6700 to $7500 in under an hour.
For Hayes the behavior is all too familiar, siding with bearish short-term predictions from the likes of trading guru Tone Vays who previously forecast Bitcoin "Bottoming" at around $4950.
"I would like to see us test $5000 to really see if we've put a bottom in if that holds then we can rally to $50,000 by year end."
Speaking to CNBC about this week's market, Hayes said that "Many people probably entered a position around the same levels which is why we got a little pop there," adding that "We definitely could see $8000 or $9000 and maybe just short of $10,000" before falling again to "Test $5,000."
Bitcoin is up around 2 percent over a 24 hour period, trading at around $7,458 by press time.
'I'd Like to See Us Test $5,000': BitMEX CEO Pragmatic on Bitcoin Price Rise
Udgivet den Jul 20, 2018
by Cointele | Udgivet den Coinage
Coinage
Nævnt i denne artikel
Seneste nyheder
Se alt
First Mover: What's Next for Bitcoin as Wall Street Gets Vaccine Booster
Bitcoin was higher for a second day, staying in a range of between roughly $15,200 and $15,600, as news of progress in developing a coronavirus vaccine appeared to touch off a rally in U.S. stocks.
Market Wrap: Bitcoin Fails to Break $15.9K; Over 50K ETH Staked on Eth 2.0 Contract
Bitcoin gained Wednesday while Ethereum 2.0 staking has been ramping up.
Citibank Analyst Says Bitcoin Could Pass $300K by December 2021
A senior analyst at U.S.-based financial giant Citibank has penned a report drawing on similarities between the 1970s gold market and bitcoin.
Blockchain Bites: Data Unions. Hard Forks. And One Citi Analyst's Case for $300K BTC.
A Citibank managing director thinks bitcoin could hit $318,000.