Bitcoin is in a bear market since December 2017, and it cannot recover to previous price levels. Indeed, the famous virtual currency has been traded under $6,000 and it may see new lows in the short term. But BitMEX CEO, Arthur Hayes, stated that he thinks that Bitcoin (BTC) will reach $50,000 by the end of this year.
Bitcoin Getting Ready to Reach $50k?
Well, even when its seems far away from reality, from July to December 2017, Bitcoin moved from $2,500 dollars to $20,000, which represents a 700% increase. If the prediction of BitMEX’s CEO is correct, Bitcoin would have to experience a 693% increase, almost the same as a year ago. 
Of course, it may be quite difficult for retail investors to move the price from $6300 to $50000, but instead, institutions would have to help in this task. Additionally, he said that in the past, Bitcoin moved from $200 to $20,000 and that this can happen again.
At the same time, he mentioned that it is normal to have such corrections in the space when the price goes up to $20k in just a year. Additionally, he mentioned that he thinks that larger crypto price movements will occur during shorter timespans.
But this is not the first time that Hayes states that Bitcoin will reach $50,000 dollars. Already in the past he came with this prediction, but it did not reach even half of the price needed to reach $50k.
Currently, Bitcoin is being traded around $6,300 dollars and it cannot recover part of the price lost during the first part of the year. Indeed, some days ago, Bitcoin fell below $5,900, numbers not seen since November2017. In front of us there is still half of year and the results could be better or just keep in the bear market.
Other important figures in the space, like Tom Lee, Fundstrat co-founder, said that Bitcoin will hit $25,000 before 2019. But for sure the biggest prediction has been made by John McAfee. He believes Bitcoin will reach $1 million dollars before 2021.
