Bitcoin has been struggling as of late. All the positive price movement was followed up by a lack of volume, which ultimately led to the market being unable to sustain stable growth and start dropping again. July saw the currency slowly climb to $6700 USD levels, just to have all those gains lost in a couple of days of hard sell-offs. However, people remain bullish on the currency. One crypto startup executive and a Bitcoin bull thinks that all of this negative movement is temporary and that Bitcoin might reach the ranges of $60,000 USD this year.
Julian Hosp, president and co-founder of TenX, a crypto wallet creating company, spoke with CNBC during the RISE tech conference recently held in Hong Kong. During his address, Hosp had a “hindsight is 20-20” moment where he said that he saw Bitcoin reaching the levels of $5000 USD once the currency broke its December ATH’s of $20,000 USD.
“Back then, December, price was at $20,000 all-time high. I predicted for 2018, we’re going to see $5,000 and $60,000. So $5,000, we pretty much hit it, so let’s see if we can do the $60,000. I’m still quite confident,” he told CNBC’s Akiko Fujita. While Bitcoin price so far stopped short of his prediction at around $5700 USD, recent movements do suggest that $5k isn’t out of the question just yet.
When asked what could trigger such a massive spike, Hosp said that a “massive positive event” will be required (probably somewhere in Q3) to kickstart the rally necessary to reach the $60,000 USD mark in 2018. He added that said event could come in the form of a Bitcoin exchange-traded fund or a country announcing something that is “very, very positive for Bitcoin.” If such an event were to not happen, Hosp feels that Bitcoin would “definitely take a bit longer” to reach the mark he predicted.
Hosp concluded the interview by claiming that Bitcoin needs to reach $10,000 by the end of August.
“If we see over $10,000 by the end of August, we can see the $20,000, then the press, the media is going to come in, and we can still see the $60,000 this year,” he said.