Since the time when the most valuable cyber coin reached its upper limit of $20,000 in mid-December 2017, it has never approached this record ever again. As of writing, bitcoin is being traded at the margin of around $6,400, the rate which hasn’t changed so much after bitcoin’s plunge in early February this year.
Despite predominantly downward fluctuations, there is still a chance for the “Big Daddy” to hit $50,000 by the end of 2018. At least, that’s what one of the BitMEX’s constitutors believes.
There’s Still Hope. Or Is There?
Arthur Hayes is a known bitcoin bull. As a top exec at digital money venue BitMEX, he has recently given an interview to CNBC’s “Fast Money,” saying that the most valuable crypto-coin might surge to $50,000 this year in spite of its downward volatility.
Particularly, he said:
"We could definitely find a bottom in the $3,000 to $5,000 range. But we’re one positive regulatory decision away, many an ETF approved by the SEC, to climbing through $20,000 and even to $50,000 by the end of the year."
Interestingly, this is the idea that Hayes has reiterated since May when he previously told the channel about such possible heights of bitcoin. Bitcoin opened May with the rate around $9,000 and closed the month with approximately $7,000. June wasn’t more promising, and BTC continued experiencing correction. Nevertheless, this has not stopped Hayes from making buoyant claims.
Furthermore, the exchange’s founder has said that bitcoin’s volatility is what moves its investors ahead and makes them more interested in the coin.
"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," concluded he.
It is noteworthy that bitcoin, which fell below of $6,000 last week, isn’t the only virtual currency which is being on a roller coaster. Among other downhill moving instances of its brethren, there are ETH, LTC, XRP, and BCH.
Hayes isn’t the only bitcoin’s bull who believes the coin could surpass the mark of $50,000. Around half a year ago another BTC enthusiast, Fundstrat’s Tom Lee predicted the same soaring, by saying bitcoin could “easily” double by the end of 2018.
However, Lee’s predictions didn’t get fulfilled all the time. For example, this spring one of his forecasts concerning bitcoin’s growth failed. Lately, Lee admitted being wrong and explained why BTC didn’t go up in May.