Each has their own prediction and opinion regarding cryptocurrencies, especially on Bitcoin. For instance, Warren Buffet doesn’t think that Bitcoin has the potential to be a good investment. On the other hand, there are the likes of Tom Lee insisting that Bitcoin is about to exceed its all-time high this year.
This kind of scenario isn’t actually surprising. In reality, Bitcoin is highly volatile that no one has an exact formula how Bitcoin and other cryptocurrencies behave. For Arthur Hayes who is the co-founder and co-CEO of Bitmex, he thinks that we haven’t seen the worst price for Bitcoin this year. He said that Bitcoin is about to go down again after reaching “8,000, 9,000, and maybe just shy of 10,000”. According to Hayes, “I would like to see us test 5,000 to really see if we put a bottom in”.
A Good Rally After June Slump
June was quite a bad month for Bitcoin and other cryptocurrencies. There was a point when Bitcoin was selling below $6,000 which alarmed many investors. But just a few days ago, Bitcoin was able to jump by $1,000. And right now, Bitcoin is selling near $7,500.
And because of this, there is a chance that FOMO is officially back according to some leading experts in the crypto industry.
As for Hayes, he believes that Bitcoin is on its way towards a much higher price before the year ends. And unlike Tom Lee who says that Bitcoin is headed to $22,000, Hayes stands by his prediction that Bitcoin is about to rally up to $50,000 by the end of the year.
He said that “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”. However, he mentioned the fact that watchers should be expecting a highly volatile crypto market. He thinks that it is all because of the fact that investors are “taking a little bit of a chill time”.
However, he thinks that it is going to come back again by the time the third and fourth quarter of the year entered.
$8K in Reach Soon?
In order for Bitcoin to get to $8,000, it is important that it gets to pass the heavy resistance that is found somewhere in $7,600 to $7,800.
Now, all of this is possible considering the number of regulatory changes that happened in recent months. Could this be what the market needs in order to get back to its bullish ways just like last year?
US Securities and Exchange Commission has considered Bitcoin not as a security which is part of the reason why it is bullish these days. And what makes this special is the fact that only Bitcoin and Ethereum were considered by the US regulators.
In other parts of the world, it is undeniable how there are also other regulatory changes that are now in favor of the crypto industry as a whole. But is this enough to get Bitcoin all the way to $50,000?