Bitcoin recovered from a fast downtrend with a $5,800 low. The Bitmex CEO expects the most popular crypto currency to rise sharply in 2018.
Bitcoin profit rise of $600 within 5 hours
On Friday evening, Bitcoin profit experienced an unexpected rise in volume, allowing the Bitcoin profit to quickly recover from the $5,800 level. Bitcoin fell below $5,800 on Thursday and many expect further declines. Ran Neu Ner, host of CNBC Africa’s Crypto Trader Show, predicts a low of $5350 in the coming weeks. However, the recent rally catapulted Bitcoin towards $6,400 an ounce in a matter of hours.
Although one likes to see such a price rise, many had wondered what was the decisive reason. Looking at the news portals, there was no “big news” to justify such a pump. Some felt that this was due to the expiration of futures contracts. Many in the crypto community are still uncertain about Bitcoin’s future. Most are wondering what level Bitcoin could reach in 2018.
CEO of BitMEX about Bitcoin code:
Get up! High! High! Arthur Hayes, CEO of BitMEX*, the popular leveraged trading exchange, is still looking at the $50,000 per Bitcoin code in 2018. Read more on: https://www.onlinebetrug.net/en/bitcoin-code/ Hayes, a former traditional asset manager and graduate of Wharton, has made a name for himself in the crypto currency industry. He recently made an appearance on CNBC Fast Money. During the show, Hayes stressed that despite the recent downtrend, Bitcoin could still reach new highs.
“Well, I think something that rises to $20,000 in a year can have a correction to about $6,000.”
During the interview, he clarified that Bitcoin is only “a positive regulatory decision away, possibly by a SEC-approved ETF, to reach the $20,000 or even $50,000 by the end of the year”.
While one would currently only dream of such values, leading analysts seem to agree that Bitcoin will reach new highs in 2018. Tom Lee of Fundstrat predicts a new high at $25,000 and also stresses that Bitcoin only needs ten days to reach new highs. Hayes has a similar view, stressing that the time span for strong price movements will be shortened.
“From 2013 to 2015, we went from $1,200 to $200. In the years 2015 to 2017 we reached 200 to 20,000 dollars. Well, we have already seen this kind of movement. I think the time span will shorten because you have a lot more people in the market who have invested capital and resources to trade this asset class.”
Increased liquidity and high interest rates were other factors that led Hayes to believe that “the time between an aggressive bear market and an aggressive bull market will shorten”. We are curious to see how the Bitcoin price will move, especially from the fourth quarter of 2018 onwards.