The latest cryptocurrency news put the CEO of BitMEX, Arthur Hayes in the focus for his latest prediction regarding the price of Bitcoin (BTC). Knowing that Hayes was not the biggest Bitcoin bull in the room in the past, this statement of his is interesting especially because it puts BTC in the higher grounds.
According to Hayes, Bitcoin could reach at least $50,000 in the next two-to-five years. Clearly, the Bitcoin price has had the wind at its back in 2019 which stirred up the community and made it quick to forgive the calls during the struggling crypto winter.
The previous forecasts by the BitMEX CEO were quite safe in the past – as featured on many best cryptocurrency news sites. Hayes said that Bitcoin (BTC) could reach $10,000 by year-end 2019 before this – and hasn’t even mentioned the $50k price target altogether.
However, in his newest roundup which is featured on the Venture Capitalist with Luke Martin, Hayes said:
“It could go materially higher if the world plays out the way I think it’s gonna play out.”
It is really fascinating how Hayes came about his bullish BTC price prediction of $50,000. However, if we see the bigger picture, we will see that his prediction is in a tight link with the financial system in which the U.S. Federal Reserve is once again printing money which has created a bit of “silliness” in the financial markets.
To cover his base, Hayes also said that there is a possibility that Bitcoin (BTC) retests $2,000 to $3,000 from the current level – before shooting up to $10,000 in an easy surge by year-end 2019. He has also thrown out the $20,000 price level.
Bitcoin, in the meantime, is competing with a robust pipeline of tech IPOs which include Lyft which has fallen flat – as well as the ones of Uber and Pinterest. All of these are big opportunities on the table which could put crypto on investors’ back burner until later in the year.
“That’s when I think we can really see some gains rack up in this market. And that’s where I really see the value proposition for bitcoin finally clicking in everyone’s head,” Hayes concluded.
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Brokerage Giant TP ICAP Opens Its Doors To Bitcoin Trading
“We want to be close to what’s happening within this nascent asset class because we believe it’s important to invest in the early stages of a growing market.”The brokerage giant TP ICAP hopes that the new bitcoin trading option will attract the new clients’ money and will diversify its offering. The company which operates as an intermediary to financial, commodity and energy markets has seen a slight slump in revenue since the 2008 meltdown. Brokerage companies like ICAP mainly make trades for its banking partners but the volumes show that the company was forced to issue a profit warning in 2018. The initiative will be conducted from London by Duncan Trenholme and Simon Forster who have plans to expand in the United States and in Asia. The ICAP services will provide derivatives trading but they won’t turn their eyes from the option to hold digital assets directly in the future. Forster admitted that the number one cryptocurrency poses a threat to traditional assets so the finance executives can’t really afford to stand on the sidelines:
“TP ICAP also understands that this technology could disrupt or impact other asset classes where we currently operate, so we feel it’s important to be informed.”The traditional finance firms are slowly getting into crypto as well. At the start of the year, Fidelity launched bitcoin custody services for their clients. The multi-million asset management company will also facilitate bitcoin trading in the upcoming months. Also as noted in some of the best cryptocurrency news sites, the Intercontinental Exchange (ICE), which is the parent company of the New York Stock Exchange is preparing to launch Bakkt which is a physically-settled bitcoin futures and custody offering. In the meantime, Nasdaq will launch its own platform for bitcoin derivatives in 2019.
Bitcoin Ignores Correction Calls: Where Is BTC Headed?
“$BTC – found resistance right at the lower cloud and has opened the weekly candle inside the cloud. This represents the highest time frame that #bitcoin has breached into the cloud…with resistance at just above $10K…”An analyst named Chonis Trading then took to Twitter with the following statement: https://twitter.com/BigChonis/status/1140410183665049603 He also added:
“One more step up the mountain as #bitcoin hits right at the 38.2% fib resistance making it the next target for the bulls to close over and also makes maintaining the 23.6 fib support that much more important for overall continuation…”As Bitcoin ignores correction calls, many believe that the $10,000 mark could be achieved very soon.
Bitcoin Hash Rate Reaches New High As Price Reclaims $9,000
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