Arthur Hayes Continues Supporting Bitcoin Saying it Hasn’t Hit Rock Bottom
As of last Thursday, Bitcoin surged in price and broke through to its $7400 standing, evidently as a rallying of the world’s leading cryptocurrency. The coin has climbed over 10% since June as reports state.
Arthur Hayes made a famous prediction only weeks ago that Bitcoin would skyrocket to a whopping $50000 by the end of 2018 and while Bitcoin has been providing promising gains since its last jump, he believes the coin hasn’t hit its lowest point just yet.
The co-chief executive officer of Bitmex has stated that he firmly believes Bitcoin will still drop and the worst is not over. Bitmex is the world’s leading cryptocurrency exchange by total volume. During an interview, the co-CEO said that Bitcoin could climb as far as $10K and still see a drop once again. He also explained his curiosity should Bitcoin drop to $5K in price.
The climb in price for Bitcoin has restored faith in countless cryptocurrency traders after its previous drop below the $6K mark in June. Managing a few gains in the following days, the coin still remains far below its all-time high of $20K on the market in 2017.
Despite that, Arthur Hayes is still adamant and supportive of his previous predictions towards Bitcoin. Confirming his opinions through an email, he says that the current Bitcoin rally will hit its high at the $10K mark but won’t breakthrough and will drop to test the $5K support level. Should it hold strong, the coin may possibly climb to $50K by the end of 2018.
He also stated that market monitors will see a whole lot more volatility within the cryptocurrency sphere due to a “relaxed” attitude of investors during the summer.