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Bitcoin May Bounce from $3k to $50k This Year, Says BitMEX Co-founder

Adam James
by Adam James
7 years ago
·
Posted in Bitcoin Price, Bitcoin, News, News teaser
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

BitMEX co-founder Arthur Hayes has once again reiterated his prediction that the price of Bitcoin will reach $50,000 by the end of the year — but maybe not before exploring lows around $3,000.


‘One Positive Regulatory Decision Away’

Arthur Hayes, co-founder of cryptocurrency trading platform BitMEX, has doubled down on his year-end prediction for bitcoin late last week, telling CNBC’s “Fast Money” that the market leader will hit $50,000 before the year is through — but maybe not before exploring prices as low as $3,000. He stated:

We could definitely find a bottom in the $3,000 to $5,000 range. But we’re one positive regulatory decision away, [maybe] an ETF approved by the SEC, to climbing through $20,000 and even to $50,000 by the end of the year.

Hayes made the same prediction in May 2018, when he also stated:

It’s my job to make predictions. Whether they’re right or wrong, it doesn’t matter to me.

‘More Visibility’

While making bold year-end predictions is all well and good for media attention and hype, some may find such a high figure comical — given the undeniable fact that the first and foremost cryptocurrency has been in the throes of a brutal and bearish downtrend for the entirety of 2018.

From a short-term perspective, it is clear that Bitcoin has a lot of work to do if it simply wants to reach $10,000 — let alone break it and push towards all-time highs at twice that level. With half the year already gone, reaching $50,000 may potentially require the inflation of another absurd bubble.

Still, Hayes — whose exchange has a large stake in the cryptocurrency trading market — noted:

We’ve done these kind of moves before […] Now that we have more visibility, more people talking about [bitcoin], the time between an aggressive bear market and an aggressive bull market, I think, is going to shorten.

More conservative predictors of Bitcoin’s year-end price would likely advise caution when making investments based off of such arbitrary predictions. Before we can start talking about $50,000, it may be wise to first find buyers above $7000.

What do you think about Arthur Hayes’ prediction that Bitcoin will reach $50k by the end of the year? Let us know your year-end predictions in the comments below!


Images courtesy of Shutterstock, CoinMarketCap.com.

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Adam James

Adam James

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Adam James lives in Budapest and is the Managing Editor of Bitcoinist.com. He digs Gibson guitars that sound like Tyrannosauruses, Romantic & Victorian poetry, Franco-era Spanish films, LPs, Chelsea FC, Bob Dylan, Pilot G2 10s, black coffee, video games, and cryptocurrency.

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