Anyone who follows the crypto market can clearly see that it reached its peak between December 2017 and the early months of 2018 and that things have just been downhill since. While some believe that this is normal and that it is just the effect of the market stabilizing and people taking their profits, others believe that the market is doomed. Julian Hosp is not one of the later.
Hosp, which is a co-founder of TenX, sees Bitcoin’s potential to be valued at $60,000 at the end of 2018, three times more than its price during its peak in the last December, $20,000. As regulation and infrastructure continue to evolve but the prices continue to dive, it’s hard to tell if he is right.
Hosp’s Prediction Dates Back To December 2017
The prediction was made back when the price of Bitcoin was in $20,000, an all-time high. At the time, Hosp stated that 2018 would see a price of $5,000 and $60,000. According to him, $5,000 was pretty much a reality (although the price was more into the $6,000 strip, going down to $5,700), but there is still a chance for the price to hit $60,000 USD at the end of the year or at least close to that.
The market has already recouped some of the recent losses but it is not trading highly at the moment, with a price of about $6,700 USD per BTC. To hit $60,000 USD this year, a massive positive event would have to happen during the year or it is pretty much certain that the price will not change too much.
Hosp tends to believe that a new Bitcoin exchange-traded fund or some important country announcing something positive for Bitcoin are the main reasons why the price could get to that point.
If such an event would not happen in 2018, then Julian Hosp believes that it could really take longer for the price to get there. In fact, the price will have to be over $10,000 in August for Bitcoin to have any chance to reach this number. If not, only 2019 could see that mark or even 2020.
Could Regulation Harm The Crypto Market?
Some of the reasons why the price of the cryptos is low this year have been due to the regulatory scrutiny that this space is suffering from. While there was some time of relief after the SEC claimed that Bitcoin and Ethereum were not securities, regulation around the world could hurt the market.
Some Ethereum developers claim to not be really concerned about the price of the tokens but in building a solid structure instead. According to them, having a good infrastructure is considerably more important than worrying about price, because the price will eventually go up if the technology is good.