Bitcoins were priced around $7,400 on Thursday at 5:30 p.m. ET – an increase of more than 10 percent from a month ago but But Arthur Hayes, CEO of crypto trading platform BitMEX, has suggested Bitcoin’s current bull run may give way to a price point of $5,000 before heading to $50,000 in 2018.
Arthur predicted the cryptocurrency would reach $50,000 by year’s end just a few weeks ago, said Bitcoin hasn’t bottomed yet.
“I don’t actually think we’ve seen the worst,” Hayes, co-founder and co-CEO of Bitmex , or Bitcoin Mercantile Exchange the largest cryptocurrency trading platform by volume. Hayes told CNBC that the coin could hit “8,000, 9,000 and maybe just shy of 10,000,” before falling again.
“I would like to see us test 5,000 to really see if we put a bottom in, if that holds then we can rally to $50,000 by year end.”
In an email to CNBC, Hayes confirmed, “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.”
Hayes said that
“Many people probably entered a position around the same levels which is why we got a little pop there,” adding that “we definitely could see $8000 or $9000 and maybe just short of $10,000” before falling again to “test $5,000.”
Bitcoin is up around 2 percent over a 24 hour period, trading at around $7,458 by press time.