At a time when the unending crypto markets slump has made newbie cryptocurrency investors lose faith in the super volatile digital assets space, TenX co-founder, Julian Hosp remains optimistic that the price of bitcoin would reach $60,000 by the end of the year.
Interestingly, back in December 2017 when the price of the world’s flagship cryptocurrency was on its way to the moon, Hosp had predicted that the price of bitcoin would surge to $60K this year.
Of a truth 2018, hasn’t been quite rosy for crypto investors, as regulatory uncertainties in the cryptoverse have fueled a strong bearish trend.
However, the TenX chief who was interviewed by the Squawk Box co-host, Akiko Fujita at the Rise conference in Hong Kong made it clear that he is still very much sure his last year’s forecast would come to pass.
“Back then, December, 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’ve pretty much hit it, so let’s see if we can do the $60,000. I’m still quite confident,” he said.
Despite the bear market, the price of bitcoin hasn’t crashed to exactly $5,000 this year, though the price of bitcoin dropped to $5,880 last month.
A Major Positive Event will Send Bitcoin to the Moon
Just like in December 2017, when cryptocurrency enthusiasts were quite confident that a successful launch of the CBOE and CME bitcoin futures contracts would massively boost the price of bitcoin, Hosp believes that there is still a possibility that a significant positive event such as the launch of a Bitcoin Exchange Traded Fund (ETF) or a nation announcing adoption or approval of bitcoin as a legal tender or any other event that is “very very positive for Bitcoin. However, he also made it clear that a bullish trend could take “a bit longer,” if no big event takes place this year.
Although the price of major cryptos such bitcoin and ethereum are certainly not at the level they were in December 2017, the fact still remains that a lot of positive events has happened this year. Notably, the air of regulatory uncertainty is gradually clearing up as more and more nations have started drafting laws for their cryptospace.