- Since March, Bitcoin has started to recover and has gained nearly 30% on its January price.
- Arthur Hayes has predicted in a recent tweet that the current price of Bitcoin will rise rather bullishly over the year.
- Arthur predicts that Bitcoin will have a bullish year and will be able to breach the $10,000 mark by the end of 2020.
Since its launch in 2008, Bitcoin has seen a mixed run. It finally grew exponentially in 2017 and has stayed high since. However, in the first quarter of 2020, Bitcoin prices
fell. This was partially credited to the spread of COVID-19. Since March, Bitcoin has started to recover and has gained nearly 30% on its January price. The price of Bitcoin right now stands at $9,403.61 and Arthur Hayes has predicted in a recent tweet that the current price of Bitcoin will rise rather bullishly over the year.
Who is Arthur Hayes?
Arthur Hayes is the Co-founder and current CEO of BitMEX. BitMEX is a p2p trading portal that offers leveraged contracts to be sold or bought using Bitcoins. Arthur Hayes has unparalleled experience in indices and crypto trading. Arthur is also a regular commenter on the crypto network and the realm of cryptocurrencies.
Arthur’s Bitcoin Price Prediction
Arthur predicts that Bitcoin will have a bullish year and will be able to breach the $10,000 mark by the end of 2020. This goes against past predictions by other experts who had forecasted that Bitcoin will have a rather slow and gradual growth which will be bearish in nature. However, since the prices dropped in March, Bitcoin has been recovering fast. The recovery rate, along with the positive network response to the third halving that Bitcoin had in May, hints that Arthur’s prediction might come true. It was surprising to see Bitcoin jumping back up to a positive network response after the initial drop post-halving. If Bitcoin continues to grow at this rate, it has a good chance of crossing the $10,000 mark.
An overview of the matter
The bullish rise in the price of Bitcoin, as predicted by Hayes, will be a great catalyst for the growth of the cryptocurrency network. Being the market leader both in value and volume, Bitcoin drives much of the market trends and is a key player in the network.