Now that Bitcoin (BTC) has seemingly bottomed or is close to a bottom, people are beginning to make bullish price predictions for the end of 2019.
One such prediction comes from Arthur Hayes, co-founder and CEO of the popular margin trading cryptocurrency platform BitMEX, who predicted Bitcoin’s price to climb back up to $10,000 by the end of 2019.
Will Bitcoin Reach $10,000 in 2019?
Hayes shared his bullish prediction in a BitMEX newsletter published on March 22, 2019, where he stated that the market recovery will be slow and choppy only for it to take off near the end of the year.
“The 2019 chop will be intense, but the markets will claw back to $10,000. That is a very significant psychological barrier… $20,000 is the ultimate recovery. However, it took 11 months from $1,000 to $10,000, but less than one month from $10,000 to $20,000 back to $10,000.”
Hayes came to his prediction by analyzing the current state of the market and what’s been experienced already. He noted that Q1 2019 has already witnessed depressed trading volumes as well as price volatility, but has failed to retest the late 2018 lows of around $3,200.
Long Road Ahead to a $10,000 Bitcoin
However, the exuberant BitMEX CEO believes the crypto markets won’t take off anytime soon, as the majority of crypto investors have lost too much and won’t be so quick to get back in the game.
“The repair of crypto investors balance sheets is not done yet. Losses must be digested, and the unlucky masses must wage cuck a bit longer to get back in the game.”
Nevertheless, Hayes did note that there are still crypto investors willing to throw their money into “shitcoins” and made a few jabs at Changpeng “CZ” Zhao and his Binance Coin, as well as Justin Sun’s Tron (TRX) and Ripple (XRP).
“Do not despair. Ripple is still worth more than zero. And Justin Sun’s new age religion TRON, paired with the Pope CZ, tells us there are those still willing to eat shitcoins with a smile.”
All jokes aside, Hayes truly believes the masses will begin buying Bitcoin and other cryptos in substantial amounts by the year’s end – in early Q4, to be exact.
As stated by Hayes:
“Green shoots will begin to appear in early Q4. Free money and collective amnesia are powerful drugs. Also after two years of wage cucking, punters should have a few sheckles to rub together.”