TenX Co-Founder Stands Behind $60,000 Bitcoin Price Prediction
Jul 11, 2018
TenX co-founder, Julian Hosp is still optimistic about his Bitcoin price prediction of $60,000 despite the recent downturn in the cryptocurrency market. So far this year, Bitcoin had shed more than 60 percent of its value.
If Bitcoin Breaks $10,000 then $60,000 is Possible
Between late December 2017 and the start of 2018, numerous stakeholders delivered their BTC price predictions for the year. Suffice to say that many of the optimistic projections have come up short. A massive crypto-bleed has seen token prices plummet since the middle of January 2018.
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.
Bitcoin has gone below the $6,000 mark on three occasions in 2018, once in February and twice in June. However, the top-ranked crypto hasn’t quite bottomed out at $5,000. The lowest BTC price level for the year remains $5,700.
Hosp believes that if Bitcoin breaks the $10,000 barrier by August, then things could potentially become interesting. According to the TenX chief:
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.
Bitcoin ETF Can Cause Massive Upward Push in BTC Price
In June, macroeconomist Peter Tchir warned cryptocurrency enthusiasts not to put too much stock in so-called expert price predictions. According to Tchir, many experts who provide price forecasts do so out of some stake that they have in the market. Tchir also advised crypto traders to look out for predictions that have tangible explanations to back them up.
Hosp backed up his prediction by saying that a massive event could facilitate the meteoric rise of the BTC price within the last half of 2018. According to Hosp, a monumental event like the launch of a Bitcoin ETF could inject a bit of hype into the market causing the price to skyrocket.
There is historical precedence to back up the TenX chief’s belief. Back in 2017, the launch of the CME and Cboe futures contracts contributed to the astonishing price march that saw BTC almost eclipse the $20,000 mark. Cboe recently submitted a Bitcoin ETF filing with the SEC.
I bumped into Bitcoin in 2010 while I was still engaged in the fierce battle of obtaining my Engineering degree. I found the content of Nakamoto’s white paper fascinating since it reminded me of the works of legends like Haber and Stornetta. When I am not writing about cryptocurrencies, I am either attempting to beat my scrabble high score or engaged in some internal existential debate.