Bitcoin (BTC) recently gained more $700 in under 45 minutes, and this increase is of 10% which is more than meaningful in such a short time.
Has Bitcoin entered the bull market?
This price surge also left lots of experts and crypto enthusiasts wondering whether the world’s largest crypto has eventually entered its long-awaited bull market.
Arthur Hayes stated that we had not seen the worst of Bitcoin’s price just yet and it still has to fall some more.
Despite the important price increase that we mentioned above, Arthur Hayes who is the CEO of the crypto exchange BitMEX says that we still have to see a serious price drop involving Bitcoin.
He spoke to CNBC’s Fast Money on Thursday, and here’s what he had to say: “I don’t actually think we’ve seen the worst, – while also adding – I would like to see us test 5,000 to really see if we put a bottom in.”
Bitcoin’s price will drop again
Besides saying the fact that Bitcoin hasn’t bottomed yet, Hayes also said that Bitcoin could increase in price before falling again.
He added, “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.”
It’s also important to highlight the fact that Hayes has always been consistent when it came to his statements, and the last one is a reiteration of his prediction from earlier in July.
He estimated that the price would hit a low between $3,000 and $5,000 while at the same time also remaining bullish.
“We could definitely find a bottom in the $3,000 to $5,000 range. But we’re one positive regulatory decision away, many an ETF approved by the SEC, to climbing through $20,000 and even to $50,000 by the end of the year,” he explained. We’ll have to wait and see if his predictions are right.