TenX Co-Founder Predicts Bitcoin Price May Hit $60,000 This Year
Julian Hosp, the Co-Founder of TenX, a popular cryptocurrency payment platform said that Bitcoin price may reach $60,000 by this year. However, he noted that there will have to be a major positive event for this to happen.
Despite the massive price fall in Bitcoin and other cryptocurrencies since last year, Hosp continues to remain optimistic. Since the beginning of this year, the cryptocurrency market has lost over half of its value and Bitcoin has fallen about 67% from its mid-December value of $19500 from last year.
At the RISE Technology Summit in Hong Kong Hosp said,
Back then, December, [the] 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.
While Bitcoin hasn’t fallen to $5000 it has come quite close to that mark, falling to $5700 last month. This is its lowest value since November of last year. It has come back up a little bit from its all-time low and currently is trading around $6300.
Hosp believes that a ‘massive positive event’ is required to induce this massive price growth in Bitcoin this year. He believes that this could possibly come in the form of a country announcing something that would be perceived to be ‘very very positive’ for Bitcoin. Another way is if applications for Bitcoin Exchange Traded Funds(ETFs) are approved.
Hosp said that if no such event takes place then it will definitely take longer than the end of this year for bitcoin to hit the $60000 mark. However, it is already the second half of the year and therefore the price in August will have to exceed $10,000 to reach the $60,000 mark in December. He stated,
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.
Hosp definitely has an optimistic view on the price of Bitcoin considering the regulatory scrutiny and scepticism facing cryptocurrency all around the world. However, it is possible through the occurrence of an aforementioned event, that Bitcoin might be actually able to reach this price prediction.
Follow us on Telegram!