The Co-Founder and CEO of BitMEX Arthur Hayes predicts that bitcoin will sell for at least $50,000 by the end of 2018
According to Hayes, the cryptocurrency is just one positive regulatory decision away from climbing through $20,000 on its way to $50,000 by the end of the year. Considering the slump in price that Bitcoin has experienced for most part of 2018, Hayes remains bullish, noting such as a normal correction.
“I think that something that goes up to $20,000 in one year can have a correction down to $6,000 and will definitely find a bottom at about $3,000 and $5,000 range”, says Hayes.
This insinuation definitely upholds the opinions of most long term investors who have continued to HODL, seeing every deep as an opportunity to buy more Bitcoins into their portfolios. Hayes expresses confidence in the predicted trend reversal citing historical patterns that have seen Bitcoin post some significant corrections in the past. In his opinion, the cycles are even expected to happen quicker these days considering the increased volume being traded in the market.
If the chart of bitcoin year-to-date and the compressed chart of BTC in 2014 are compared as seen below, many similarities can be detected.
Price chart of BTC comparing 2014 and 2018 correction.
Given that bitcoin has experienced the 2014 correction in almost a fast-forwarded fashion, it is highly likely that the correction of BTC in 2018, considering the difference in market conditions and regulatory state of the industry, ends significantly faster than the correction in 2014.
Moreover, as Hayes said, an unforeseen regulatory change by the US government or any other leading cryptocurrency market could lead the price of BTC and other major digital assets to recover with strong momentum and demand, especially if an ETF or a publicly tradable instrument is launched in the U.S. financial market.
The articles were published for the first time at https://www.ccn.com/hayes-a-positive-regulatory-etf-will-push-bitcoin-to-50000-in-2018/ and https://www.ccn.com/2014-vs-2018-bitcoin-price-correction-this-year-will-likely-be-significantly-shorter/Tweet