Bitcoin has recently reached weekly highs, after a quick rebound from a low of $ 5,800, BitMEX CEO calls for further upward movement.
Bitcoin See Volume Pump, moving $ 600 up within 5 hours.
On Friday night, Bitcoin experienced an unexpected surge in trading volume that quickly rebounded from the $ 5,800 price level.
Bitcoin fell below $ 5,800 on Thursday, many expecting further declines. Ran Neu Ner, host of CNBC Africa's "Crypto Trader" show, claimed $ 5350 in the coming weeks. However, recent Bitcoin gains have reached $ 6400 and found stability near this level.
Despite the fact that it was a welcome piece of price action, users were quick to ask why that happened. Looking at the news sources, there does not seem to be a single catalyst for this price jump.
Some have pointed to the futures contract that ended today or the culmination of this week's bullish news. Although the market would say otherwise, last week received a considerable amount of positive news. Positive institutional investment news from Circle, Blockchain or Andreessen Horowitz is just one of many positive news. But sometimes the market moves irrationally and shifts off where there should not be.
Many in the cryptocurrency community are still unsure about the future of Bitcoin. Leading some wondering, where could Bitcoin's price go next?
CEO of BitMEX: Up! Above! Up!
Arthur Hayes, CEO of BitMEX, a popular leveraged trading exchange, has still kept his eye on the $ 50,000 EOY price forecast he made earlier this year. Hayes, a former traditional wealth trader and graduate of Wharton, has made a name for himself in the crypto currency industry after serving on Asian Wall Street.
He's recently on CNBC & # 39; Fast Money & # 39; published for almost daily appearances by personalities and analysts of the cryptocurrency has become known.
While on the air, Hayes noted that despite the recent downtrend, Bitcoin is still capable of reaching new all-time highs. The CEO said:
"Well, I think something that can reach $ 20,000 in one year can have a correction down to about $ 6,000."
He later added the Cryptocurrency Market Perhaps "a positive regulatory decision, perhaps a SEC-approved ETF, is to climb 20,000 or even $ 50,000 by the end of the year."
However, if one meets the predictions of other cryptocurrency industry leaders, Hayes's prediction stands above all else. Tom Lee, co-founder of FundStrat, has consistently asked for $ 25,000 in bitcoin by the end of the year, half of the BitMEX CEO's prediction.
Maybe it's overdone, some have thought, but others think that reputation is rational. Hayes went on to say that he believes the period for big price moves will be shortened.
He attributed the shrinking time horizons for price action to the increase in subscribers in this rapidly growing market:
"From 2013 to 2015, we went for $ 1,200 to $ 200. In the years 2015 to 2017, (we went from) $ 200 to $ 20,000 So, we've done these kinds of moves before, and I think the timescale will be shorter because you have a lot more people in the market who have invested capital and resources to trade that asset class. "
The increased liquidity and sharp rise in interest rates were other factors that led Hayes to believe that "the time between an aggressive bear market and an aggressive bull market" will be shortened.
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