July 22, 2018 – Having Bitcoin (BTC) opening with a value of $6,000 this week, bitcoin analysts remain confused on how the price surged up to $7,500 and how it will play out for the rest of the quarter. Despite looking like a bullish pattern so far, Arthur Hayes, CEO of BitMEX, predicts that the price will drop to around $5,000 before reaching an All Time High (ATH) of $50,000 by the end of the year.
With Hayes’s regular conduction of market analyses and research, the bullish trend all seemed very familiar, where-in there would be bearish short-term predictions before peaking right back up.
I don’t actually think we’ve seen the worst… I think the current rally will top out close to but not greater than $10,000. Then we will fall and test $5,000. If that holds then we can rally to $50,000 by year-end. -Arthur Hayes
Hayes expects the rally to close at around $10,000 before starting on the dip that will enable the year-end to reach an ATH of $50,000. Supporting this prediction was Julian Hosp, TenX founder. Hosp’s forecast for the year-end would be $60,000.
With this in mind, Bitcoin has experienced multiple occurrences of this trends recently last June 2018. BTC fell below $6,000 twice, settling at a 2018 low at $5,700. -Decentrist