Bitcoin has been leading the industry for some time, even when it has reached its all-time lows for the year. However presently, it is the top-ranked cryptocurrency and appears to have reached a 50% market share. According to many experts, this is an indication that Bitcoin is finally ready to function without other problems. However, Arthur Hayes has a different opinion.
Arthur Hayes is the CEO and co-founder of Bitmex, and he told CNBC that “I don’t actually think we’ve seen the worst.” He went on to discuss the way that he thinks that BTC will see one more drop before they reach the heights they are meant for. His expectation is that BTC could realistically reach any level, whether it is $8,000 or $90,000. He said the most optimistic price he thinks he will see for Bitcoin is $10,000 before the industry sees another drop, though he does not expect lower than $5,000.
Bitcoin’s drop below $6,000 has been the most notable change in 2018, reaching $5,700. Many experts predicted this drop, like Julian Hosp (founder of TenX), who said that the total price would go down to $5,000 before setting a new height. However, Hosp’s prediction for the “all-time high” (ATH) is $60,000.
Bitcoin is maintaining steady progress at the moment, priced above $7,400 for almost a 20% price increase within the last three weeks. The last time Bitcoin was above $7,000 occurred around June, right before it dropped by $1,000 in just a few hours. Regardless of these chances, Hayes remains steadfast in his $50,000 price tag predication.
In email correspondence with CNBC, Hayes 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.”
Hayes does have a few warnings for traders. The summer months are when he says that investors tend to take a break from the heat of the financial market, which is why he said to trust the third and fourth quarter this year instead.