Bitcoin forecast is being made frequently and many do not come true. Nonetheless, with the decline in the crypto market, some have begun to believe that Arthur Hayes’ $5,000 bitcoin forecast can become a reality.
From $5k to $50k – Arthur Hayes’ Extreme Bitcoin Forecast
Arthur Hayes, the CEO of the most popular trading platform BitMEX and a passionate crypto advocate, did not abandon his prediction for the Bitcoin price in late 2018, claiming that Bitcoin will reach $50,000. As we said earlier, he pointed to the potential for a positive regulatory decision that could bring the price of the key digital asset to over $50,000.
“Well, I think something that goes up to $20,000 in one year can have a correction to about $ 6,000. I think we can find a bottom in the range of $3,000 to $5,000, but we have removed a positive regulatory decision, perhaps a SEC-approved ETF, to climb $20,000 and even $50,000 by the end of 2018 “.
Fundstrat’s Tom Lee predicts a new high of $25,000 and also stresses that Bitcoin needs only ten days to reach new highs. Hayes sees this in a similar way, stressing that the period for strong price movements will be shortened.
“In the years 2013 to 2015, we went from $1,200 to $200. In the years 2015 to 2017 we reached to $200 to $20,000. Well, we’ve already seen this kind of movement. I think the timescale will be shorter because there are many more people in the market who have invested in capital and resources to trade this asset class. “
Could his prediction actually occur?
After the expected delay of the SEC for the VanECK and the SolidX Bitcoin ETF , the market started to fall, falling from a high for the month of $8,500 to a low of $6,000. Some investors now suspect that the first part of his prediction could now occur. First, Bitcoin must test $5,800 support, which has become an important support line in earlier downtrends.
However, if Bitcoin falls below $5,800, some fear that this will be the point of no return. Jeff DeGraaf, a technical analyst at Renaissance Macro Research, has recently revealed that Bitcoin could be “permanently impacted” or put into a “game over” phase if BTC moves below $5,800.
In Hayes’ second mention of $ 50,000, the CEO pointed out that the catalyst for such a move would be a positive regulatory decision. But now, some investors and traders expect that such a level in 2018 cannot be achieved, since the decision to the VanEck Bitcoin ETF will most likely be postponed to February 2019.