Bitcoin is enjoying a bit of a rally of late. The leading crypto has risen in price by over $1000 in the last 7 days, to a price that, at the time of writing, sits at $7468, according to Coinmarketcap. Signs appear to be good; the bulls are starting to talk, the price rally has sustained itself for a week, and even our in-house analysis shows that there are five bullish indicators that BTC’s momentum will hold.
However, there is one bull who is remaining cautious – for now at least. Bitmex CEO Arthur Hayes, who only recently predicted that BTC would climb as high as $50,000, still believes that the bottom hasn’t been reached. His analysis has told him that the price could rise as high as $10,000, but he believes that a further slump will see $5000 tested in the near future.
According to CNBC, Hayes said in an email: “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.”
He went on to explain that the quieter summer months, when investors have their “chill time”, are typically quiet and often synonymous with price drops. However, he believes that the back end of 2018 will see a rise again, saying that it will be “when the party is going to start again.”
What do you think about the rally? Will it be short-lived? Let us know your thoughts.