The Bitcoin Mercantile Exchange (BitMEX) CEO and co-founder, Mr. Authur Hayes wants to see bitcoin test the $5,000 waters again. This is to see if there will be a similar effect when it rallied from $5,800 to $9,000 level in the past.
According to Mr. Authur Hayes, this week’s bitcoin rally was accompanied by healthy volumes. This will make it possible to reach higher levels. Although, he added that this may also mean that the flagship cryptocurrency may also test the $5,000 mark.
He told CNBC’s Fast Money that bitcoin may hit $8,000 to $9,000 and may even get to $10,000. He added that this was a similar rally before that went from $5,800 to its $9,000 high.
“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. I think similar action will happen this time and I would like to see us test $5,000 to really see if we put a bottom in,” – Mr. Authur Hayes, CEO and Co-Founder, Bitcoin Mercantile Exchange
In addition, BitMEX’s CEO said that he predicts the coin to rally to $50,000 by the end of the year. This summer (in the US), however, will expect more volatility in the price action. He said that since everyone is on vacation, people are “taking a little bit of a chill time” and added to come back in Q3 to Q4 when the “party is going to start again”.
Around the third week of July, bitcoin was able to pierce through the $6,783 mark and was able to settle at around $7,514. It was an increase of 11% within the day. As of this writing (July 25), bitcoin is now hitting the $8,000+ mark.