Target to $50,000 by end of 2018 still in play

Arthur Hayes, the CEO at BitMEX, a major bitcoin exchange, stated that his mid-term BTC price target of $50,000 by the end of 2018 is still in play.

Hayes emphasized that the correction of BTC and the crypto market is different to its correction in 2014, because a significantly larger number of investors are involved in the market.

“In 2013 to 2015, we went for $1,200 to $200. In 2015 to 2017, (we went from) $200 To $20,000. So, we’ve done these sort of moves before. I think the time span is going to shorten because you have many more people involved in the market, who have invested capital and resources to trade this asset class,” said Hayes, noting that if BTC is capable of rising to $20,000 in a single year, a drop to $6,000 should also be expected.