Founder Of Bitcoin Exchange States That Bitcoin Will Reach $50,000 By The End Of Year

Founder Of Bitcoin Exchange States That Bitcoin Will Reach $50,000 By The End Of Year

July 2, 2018 0 By Austin Patel

Cryptocurrencies are going through hard times in the market; everyone knows it. But despite all these conditions, the Bitcoin Exchange founder, Arthur Hayes, stated that the famous crypto coin would meed the $50,00 mark soon, probably as the year comes to an end.

Keeping track of Bitcoin’s price is like riding a roller coaster, given how the wild swings it keeps suffering. According to a statement of Arthur Hayes during a chat at “Fast Money”, any asset whose value reaches $20,000 in a single year can correct at any moment.

Bitcoin’s Price In The Past Few Weeks

Through June, Bitcoin reached a cost as low as $5,800; and, almost by the end of the month during its last week, it faced a lot of selling interest making its way to start July with a price of $6,300.

Currently, Bitcoin’s price shows positive signs when facing the US Dollar. The currency pair BTC/USD may even extend the current wave towards a mark of $6,500 and $6,600 resistance levels.

Over the last month, Bitcoin cleared the 50% Fib retracement level since it went from the $6,830 high to $5,650 low. More importantly, it had a break above a key bearish trend line making resistance at almost $6,300 on the 4-hour chart of the BTC/USD pair.

Arthur Hayes Positivity About Bitcoin

“We are one positive regulatory decision away”

stated Arthur Hayes while talking about many ETF being approved by the SEC, letting it climb through $20,000. And hopefully, by the end of the year, maybe they’ll even rise to the $50,000 mark.

During an interview with the Consumer News and Business Channel (or CNBC), Arthur Hayes stated again that Bitcoin would surely reach $50,000 by the end of the year. He remained confident on his statement about the digital currency, despite its deep retrenchment in the cryptocurrency’s price.

Bitcoin Volatility

If you know about Bitcoin, you should be aware of its high volatility, it might not have the highest volatility in the market, but it’s bigger than most (if not all) fiat currency.

During the year, Bitcoin’s price has been marked by volatility, making Bitcoin price prediction in short-term a bit of a challenge for consumers, investors, new analysts or more experienced analysts.

To have a more precise idea of Bitcoin’s volatility, last week, Bitcoin’s price was market around $5,900. When knowing that, in December 2017, Bitcoin’s price went higher than $19,000, this is a steep decline for the largest cryptocurrency by market cap.

Bitcoin’s Future

Ethereum, Litecoin, Bitcoin Cash, Ethereum Classic and other cryptocurrencies are down for the year as well. On the other hand, Hayes talked about Bitcoin’s volatile nature. It isn’t weird to see this kind of nature in Bitcoin.

What makes it attractive to investors is how Bitcoin’s volatility gives the possibility for significant gains. They need to wait for more people in the market to bring more capital in the currency and higher chances for quicker jumps in price.