[2018/07/11]Crypto Wallet Founder Believes Bitcoin Could Hit $60,000 This Year

[johnine]

Crypto Wallet Founder Believes Bitcoin Could Hit $60,000 This Year


Cryptocurrency values have taken a hit as of late, but movement on the regulatory front has lifted many observers’ spirits. One crypto startup executive believes bitcoin’s price could hit $60,000 this year, despite its dip from a near $20,000 high in December to the $6,000 range.

Julian Hosp, co-founder and president of TenX, a crypto wallet, told CNBC during the RISE tech conference in Hong Kong that he expected to see bitcoin’s price fall to $5,000 when it reached its December highs, and he remains confident that a $60,000 price this year is feasible.
Positive Event Needed

Hosp acknowledged that a major positive event will be needed to achieve the $60,000 price this year. Such an event could be a country making a positive announcement about bitcoin or a bitcoin exchange traded fund coming to fruition.

Should such an event not occur, Hosp admitted it will take more time for bitcoin to reach $60,000. He said the price will need to surpass the $10,000 mark by August. Should this happen, media coverage will be positive, making the $60,000 price possible.

While many crypto observers view regulatory activity as positive, regulatory scrutiny has put downward pressure on cryptocurrency prices. Many observers were relieved when the U.S. Securities Exchange Commission stated this month that Ether and bitcoin are not securities.



Source: https://www.ccn.com/crypto-wallet-founder-believes-bitcoin-could-hit-60000-this-year/

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[1Referee]

If there somehow is a problem concerning regulations, then the lack of clarity would be it.

Back in 2013 there was no such a thing as regulatory pressure. After the peak the market corrected back to way more appropriate levels, and the same is happening right now. There is no single reason responsible for the decline other than it being a healthy correction and that the market has to eat through the excess of coins that have been pumped into circulation, and this takes time. Currently we have gone through the correction part largely, and now it's a matter of getting rid of the circulating coins.

Regardless of how long it takes, it will only make Bitcoin stronger and it increases its base value. The fewer people hold coins they bought between $1-$1000 the stronger the market will become, because these coins will be bought by people paying at least $6000 for them. That's why I like these peaks, if there is one way to tempt old hands to sell, then it's a crazy ass bull run.

[ViteTR]

We are very bullish on bitcoin. 10k by August is very possible and a further 60k by end of the year is within reach.

[hatshepsut93]

All these new ATH before end of they year predictions sound completely crazy to me, it's not 2011 anymore when market cycles were  short. Are people really that scared to admit the fact that we have entered bear market and that it will be long, or are there just trying to slow down the fall with their moon promises? This might even do more harm than good, because people who took these predictions too seriously will get really disappointed when there will be no rally by the end of this year, this might even make some to sell.

[darkangel11]

All these new ATH before end of they year predictions sound completely crazy to me, it's not 2011 anymore when market cycles were  short. Are people really that scared to admit the fact that we have entered bear market and that it will be long, or are there just trying to slow down the fall with their moon promises? This might even do more harm than good, because people who took these predictions too seriously will get really disappointed when there will be no rally by the end of this year, this might even make some to sell.

I agree that the cycles seem to be getting longer. If we'd follow the pattern, the next ATH should happen no sooner than 2020. It will happen though.The news are very positive and the situation of many fiat currencies is dire.
In an extreme bullish scenario, we'd hit a new ATH this year, but 60k seems so distant, almost unreachable. That said, 2 years ago when we were at 1k, we all thought that 10k was distant and unreachable, but we broke it within weeks from hitting 5k. This means that if we go to 20k again, doubling that won't be difficult.

[richardsNY]

The same news sites that are releasing these bullish predictions will shower all these individuals in bad publicity once their predictions turn out to be way off, and they are asking for it. Some times it's better to remain neutral and not be forced to predict something that can't be predicted at all. I thought people understanding and participating in this industry would be a bit smarter than that, but nope. Even BitMEX CEO just couldn't resist making a fool out of himself, where he directly after his prediction stated that he doesn't care about the price as long as the market is volatile. If you don't care about the price then keep your mouth shut....

[hatshepsut93]

I agree that the cycles seem to be getting longer. If we'd follow the pattern, the next ATH should happen no sooner than 2020. It will happen though.The news are very positive and the situation of many fiat currencies is dire.

2020 makes a lot of sense because of the halvening, and if we are drawing paralels with the 2013 rally and its aftermath, things might look pretty similar - a 1.5-2 year-long bear market that will end half a year before the halvening, and then a new rally that will be slowly getting more and more momentum and will peak with a new ATH that is 3-5 times bigger than the previous one.

In an extreme bullish scenario, we'd hit a new ATH this year, but 60k seems so distant, almost unreachable. That said, 2 years ago when we were at 1k, we all thought that 10k was distant and unreachable, but we broke it within weeks from hitting 5k. This means that if we go to 20k again, doubling that won't be difficult.

That's just a parabolic patter, the market becomes euphoric but then quickly reverses as soon as sellers outnumber buyers. There is some possibility of it happening, but I wouldn't bet on it, that would be just gambling.

[mazdafunsun]

All these new ATH before end of they year predictions sound completely crazy to me, it's not 2011 anymore when market cycles were  short. Are people really that scared to admit the fact that we have entered bear market and that it will be long, or are there just trying to slow down the fall with their moon promises? This might even do more harm than good, because people who took these predictions too seriously will get really disappointed when there will be no rally by the end of this year, this might even make some to sell.

Short is relative , short relative to what?

If we take Dotcom bubble and directly compare the bull run ( after normalising by peak value) of Btc,crypto bull runs seems to be going in light speed compared to stocks. Thus I dont see problem in timeline, but the value of this predictions is in my mind exagerated . The only thing that could give a fightning chance to get a decent bull run going would be new money coming in thru new financial instruments.

[Homitum]

We are very bullish on bitcoin. 10k by August is very possible and a further 60k by end of the year is within reach.

If 10k by August, it is possible to reach 60k year end. However, even if it reach $60 in 12 months, it is still good.

[NeMa94]

I like the positivity, but 60k is a bit exaggerated for this year. I do believe that it will pass its ATH, but not like that. Yet, we will see  

[entrepmind23]

Hosp acknowledged that a major positive event will be needed to achieve the $60,000 price this year. Such an event could be a country making a positive announcement about bitcoin or a bitcoin exchange traded fund coming to fruition.

Most likely an exchange traded fund is the one the people are waiting for so that bitcoin would make a comeback and reach a new all time high. People are getting excited with the decision of the SEC in the coming months whether a bitcoin ETF would come into fruition or it will be extended again. Nevertheless, it is good that some are coming back into trading and investment and volume is getting higher too and if ever a catalyst would happen then cryptomarket will be in a party again and hype would come back. I hope people would learn their lesson to take precaution in investing and take profit.

[Rustamm]

It seems to me that everyone should now understand that reaching bitcoin by the end of this year of a price of $ 60,000 is almost impossible. Even with the fact that bitcoin often presents us with unexpected surprises, it would be very good if bitcoin at least re-reached its previous price record of $ 20,000. Of course, everything can be, but from the current positions such growth is unrealistic.

[cr1776]

It "could".  Or it "could not."  Ask me Jan 1, 2019.  ;-)

If use cases become widespread - e.g. micropayments with lightning - it is much more likely to happen.  After the next halving, maybe 22 months from now, the decrease in supply will be an important driver as it has been after the last two halvings.

[richardsNY]

If use cases become widespread - e.g. micropayments with lightning - it is much more likely to happen.  After the next halving, maybe 22 months from now, the decrease in supply will be an important driver as it has been after the last two halvings.

Less coins being mined is always a good thing, but lightning network should really be the main point of attention. It allows anyone to send and receive fractions of a penny for way less than that in fees or even for free, which makes tipping a great feature, insanely quick payout bets, getting paid instantly for micro tasks, merchant payments, etc. I think the most important characteristics of money are its usability and that it doesn't discriminate in any way. Even those who earn $2 per day will be able to use it conveniently and consistently as cash, which is something Roger Ver adds a lot value to apparently. Offchain cash is better cash than onchain cash.

[veleten]

If there somehow is a problem concerning regulations, then the lack of clarity would be it.

Back in 2013 there was no such a thing as regulatory pressure. After the peak the market corrected back to way more appropriate levels, and the same is happening right now. There is no single reason responsible for the decline other than it being a healthy correction and that the market has to eat through the excess of coins that have been pumped into circulation, and this takes time. Currently we have gone through the correction part largely, and now it's a matter of getting rid of the circulating coins.

Regardless of how long it takes, it will only make Bitcoin stronger and it increases its base value. The fewer people hold coins they bought between $1-$1000 the stronger the market will become, because these coins will be bought by people paying at least $6000 for them. That's why I like these peaks, if there is one way to tempt old hands to sell, then it's a crazy ass bull run.

add to the bullish trend the  unprofitability of mining bitcoins at the moment, 6.000$ price and >10 cents electricity cost=mining at a loss
this should force some miners to put their farms on pause or mine and hold  the coins instead of selling at a loss
figures like 50-60k this year do seem unlikely to me,but if we saw 1$ to 19.000 why would not we see 6.000 to 60.000,even if not in a few month's time?

[Taki]

We are very bullish on bitcoin. 10k by August is very possible and a further 60k by end of the year is within reach.

Tell me what should be done to bitcoin reach 10000 $ next month? With such temps and situation with hackers I think the maximum that we may expect is 7000$ in August and if everything will go positively 10000 $ by the end of the year.

[cryptofonia]

We are very bullish on bitcoin. 10k by August is very possible and a further 60k by end of the year is within reach.

we - who? And "possible" sounds ambiguous

[J_Crypto]

Little is believed in this, since bitcoin and other altcoins cost a penny for almost seven years. I think growth can be expected in 2020-2022. But I do not think we'll see the price of $ 60,000.