The crypto market took a hit over the past few days – just like the trading volume which is now at its minimum. However, there are many optimists and crypto believers out there, claiming that Bitcoin’s price could hit even $60,000 this year despite its dip from the highest point of $20,000 in December 2017 to the current $6,000 range.
According to Julian Hosp, the co-founder, and president of TenX which is a crypto wallet, the Bitcoin price will initiate towards the $60,000 region. As he told CNBC, a major positive event will be needed to achieve this price in 2018 – such as a country making a positive announcement about Bitcoin or a Bitcoin exchange-traded fund becoming a reality somewhere.
If such events do not occur, Hosp admits that it will take more time for Bitcoin to reach the $60,000 mark. However, according to him, the $10,000 mark is what’s known as the breaking point and something that needs to be surpassed. If that happens, media coverage will follow, making the $60,000 price entirely possible.
Even though many crypto observers see the regulatory activity as positive, the scrutiny has put downward pressure on the crypto prices. Even though the US Securities and Exchange Commission (SEC) stated that Ether and Bitcoin are not securities (last month), the prices of the major cryptocurrencies have remained the same.
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