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Arthur Hayes of Bitmex expects more volatility in Bitcoin’s future

In an interview on CNBC’s Fast Money, Arthur Hayes suggested that Bitcoin’s price might sink down again in order to rise again.

Written by Becky Leighton Published on

Arthur Hayes, the CEO of global cryptocurrency trading company Bitmex, recently suggested that Bitcoin’s price could surge to a whopping $50 000 USD by the end of the year and has offered his opinion more on the topic – with a surprising statement.

In an interview on CNBC’s Fast Money, Hayes changed his bullish attitude and claimed that he thinks that the cryptocurrency has not bottomed yet. The bitcoin advocate said that he does not “actually think we’ve seen the worst.” Adding that he “thinks this is a very strong rally on good volume and we definitely could see $8,000, $9,000, and maybe just shy of $10,000 [and] we’ve been here before where we rallied from $5,800 to a high of $9,000 level but didn’t quite crack $10,000. [He thinks] similar action will happen this time and [he] would like to see us test $5,000 to really see if we put a bottom in”.

Despite the cautious view, Hayes still believes that Bitcoin has a $50,000 USD 2018 future and confirmed saying that he thinks “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.”

The CEO suggested that the current run can be attributed to investors being quieter over the second quarter and that volatility can be expected within the cryptocurrency’s price owing to the funders being “in the Hamptons, or the French Riviera or in Asia at Bali” and “are taking a little bit of a chill time”. Hayes continued to say that when the market will pick up again in the third and fourth quarters of the year, or rather that that” is when the party is going to start again”.
We can only see in time whether the party boat will sink again to $5,000 USD in order to float all the way up the predicted $50,000 USD.

Currently, Bitcoin has seen a 1.61% gain on day-on-day trading and is now sitting at a value of $7,499.87 USD.

Written by

Internet writer looking to find the right piece. Also presents things on radio and happens to be a chip off the old blockchain. @BeckyRLeighton

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