Hayes made the prediction during the show Fast Money by CNBC on June 29, commenting “We’re one positive regulatory decision away, maybe an ETF approved by the SEC to climbing through 20,000 and even the 50,000 by the end of the year.”
BitMEX is one of the largest cryptocurrency exchanges by volume and Hayes commented that in comparison to 2017, they have tripled their total trading volume. He also pointed out that the volatility in the market is important for investors and traders, and right now the current market is not that volatile anymore because the price of Bitcoin has gone down trading around $6,300. Hayes also said that the time-frame between bull and bear markets within the crypto space will most likely shorten due to new investors coming into crypto. According to Hayes, we’re close to the bottom which he believes is around $3,000 to $5,000.
If real money can be brought to the table through an SEC-approved ETF, Hayes says this will trigger a bullish run for Bitcoin, pushing the price up over $20,000 to $50,000 by the end of the year.
This price prediction is not far from John McAfee’s prediction for Bitcoin. Also, rumor has it that Wall Street is setting up trading desks for Bitcoin and other cryptocurrencies launching this summer. New institutional money coming into the market through an SEC-approved ETF could mean that the price of Bitcoin could soar beyond all-time highs.
Prakash M
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