The co-founder and CEO of BitMEX which is a peer-to-peer trading platform and among the largest crypto exchanges out there, recently predicted a massive growth for the largest cryptocurrency by market cap, Bitcoin.
According to Hayes, the pioneer cryptocurrency will sell for at least $50,000 by the end of 2018. He made the prediction while speaking on the CNBC Fast Money show on June 29th, 2018. After he stated that, his prediction has been described as a “SuperBowlish Forecast”.
As Hayes said, the cryptocurrency is just one positive regulatory decision away from climbing through $20,000 and reaching $50,000 by the end of the year. Considering the slump in price that Bitcoin experienced in 2018, Hayes still remains bullish noting this as a normal correction.
As Hayes stated:
“I think that something that goes up to $20,000 in one year can have a correction down to $6,000 and will definitely find a bottom at about $3,000 and $5,000 range”,
The insinuation upholds the opinions of most long-term investors who have continued to HODL, seeing every deep as a new opportunity to buy more Bitcoins into their portfolios.
Hayes expressed confidence in this predicted trend, citing historical patterns that have seen Bitcoin post major corrections in the past. According to him, the cycles will happen even quicker these days considering the increasing volume that is traded in the market.
Meanwhile, BitMEX is the world’s largest cryptocurrency exchange by volume and Hayes said that the company has so far tripled its total trading volume of 2017 in what he describes a great year.
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