source
The CEO of BITMEX,Arthur Hayes, in his last session on CNBC stated that the world’s leading cryptocurrency will reach a valuation of $50,000 by end-of-year of which he said was his mid term target.
source
“In 2013 to 2015, we went for $1,200 to $200. In 2015 to 2017, (we went from) $200 To $20,000. So, we’ve done these sort of moves before,” said Hayes, noting that if BTC is capable of rising to $20,000 in a single year, a drop to $6,000 should also be expected, which myself and any other crypto enthusiast will fully concur to.
Now lets check how BTC have been moving in previous years.
In the year 2013 which was still in the early stage of BTC, we saw price rose from 94$ in July, up to about $1200 in the same year in the month of December. (1276% growth increase)
After which in the next 2years we experienced a massive decline in price from all time high in December 2013 @ $1200 to an all time low in the mid year 2015 @ $200. (83.33% price decline)
Bitcoin slowly regained momentum and started recovering, between the mid year all time low @200$ in 2013 bitcoin had about 10,000% massive growth increase to $20,000 in Dec 2017, a year of mass adoption and awareness as well as the Era of ICOs. (10,000% growth increase)
Now, we've seen bitcoin decline from the all time high in Dec 2017 @ $20,000 to a current low of about $5,800 as at the time of writing in mid year 2018.(71% Price decline)
Considering bitcoin price history What do you think, will BTC hit $50,000 ?
If you enjoyed this post do upvote and follow.
Thanks for reading
Nicholas Ilechie