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Bitcoin’s recent price surge has sharpened the horns of bullish investors. At the moment, the leading cryptocurrency is trading at $7,424, slightly lower than its recent high of $7,534 but slightly higher than its value yesterday, $7,357.
While some bulls are pushing the narrative that this is but the start of Bitcoin’s return to power, other bulls suggest that the digital currency’s value will fall. Arthur Hayes, CEO of BitMEX, the largest Bitcoin exchange in terms of volume, said that Bitcoin has not bottomed yet, NewsBTC reported. That is to say, Bitcoin’s lowest value has yet to be seen.
“I don’t actually think we’ve seen the worst [Bitcoin]. I think this is a very strong rally on good volume and we definitely could see $8,000, $9,000 and maybe just shy of $10,000. We’ve been here before earlier in the spring, we rallied from about $5,800 to a high in the $9,000 level, but we 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,” Hayes explained.
If the downward trend does happen, Bitcoin traders can take advantage of this by purchasing the cryptocurrency once its price is low. According to the analysis released by Coindesk, data are indicating that while Bitcoin is expected to falter in price, the bearish trend will last for only a short time before it gathers momentum and shoots up again.
Hayes said that if Bitcoin’s price falls below $5,000 but manages to hold and climb near $10,000 but not over it, then his prediction that Bitcoin’s price will soar to $50,000 will indeed happen. Hayes added that the crypto sphere should expect volatility in the coming days as the summer season is near, which means investors will take “a bit of chill time.” He went on to say that when Q3 and Q4 hit, Bitcoin’s value will once again see a bullish trend.
