BitMex CEO: Bitcoin Price Will Reach $50,000 By The End Of The Year

BitMex CEO: Bitcoin Price Will Reach $50,000 By The End Of The Year

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Answer BitMex CEO: Bitcoin Price Will Reach $50,000 By The End Of The Year

The price of Bitcoin witnessed rises in recent days after the rapid rebound that it recorded at $ 5800, which prompted the CEO of the BitMex platform to expect the continued rise of Bitcoin until it achieves $ 50,000 by the end of the current year 2018.

Noting that the price of Bitcoin fell to levels of $5800 last Thursday with many analysts expecting further declines. However, the recent rally on Friday lifted the bitcoin price to $6,400 levels with stability in these areas.

Some began to question the reason for the sudden rise in the price of Bitcoin, because there does not seem to be any positive news or a catalyst for this price jump.

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Some have tried to link the rise in the price of Bitcoin with the expiration of futures contracts or the fact that the cryptocurrency market is waiting for positive news soon. Although the recent weeks have seen a number of positive news such as the creation of a new investment fund in the blockchain space, sometimes the market moves in an irrational way.

With these updates, many in the cryptocurrency community are still unsure about the future of bitcoin, which makes some wonder, where will the bitcoin price settle next?

BitMex CEO, Bitcoin Price Up

The CEO of BitMex, Arthur Hayes, a platform famous for using leverage, still believes that the price of Bitcoin by the end of 2018 will be at the levels of $50,000.

He recently appeared on CNBC’s TV show, and stated on air that it is still reasonable for Bitcoin to hit new highs despite the downward trend we’ve seen since the beginning of the year.

He stated, “I think it is normal for something that reached $20,000 in a short period of time to face a correction of about $6,000.” He later added that the issuance of positive regulatory decisions in the cryptocurrency world and its approval by the Securities and Exchange Commission, could raise the price of Bitcoin to $ 20,000 or even $ 50,000 by the end of this year.

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And Arthur was not the only one who predicted a rise in the price of bitcoin, as Tom Lee, co-founder of FundStrat, said that the price of bitcoin would reach $25,000 by the end of this year.

Arthur also mentioned that the time limit for achieving significant price movements will decrease, due to the increase in the number of investors in the cryptocurrency market and its interaction with the rapid growth of the market. He explained, “We went from $1,200 to $200 in 2013 to 2015. In 2015 to 2017, we saw an increase from $200 to $20,000. Which means we have made these price jumps before. I think that the time period will disappear for a large number of individuals to enter the market who have invested their capital in cryptocurrency trading.”

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