Julian Hosp Believes Bitcoin Price Could Hit $60,000 This Year
At a time when bitcoin price is struggling to hold around $6,500 levels, there is one person who believes that this would change altogether in the upcoming months. Crypto wallet TenX co-founder and president, Julian Hosp, has expressed his confidence that the price of the digital coin could hit $60,000 in the current year itself. He also foresaw the price to drop down to $5,000 after the virtual asset reached its lifetime high in December last year. He appears to be not worried about the current state of affairs.
A Big Catalyst Needed
During the RISE tech conference held in Hong Kong recently, Hosp admitted to the media that the need of the hour is a big catalyst to reach the price level that he predicts in the current year. This could be possible only when a specific country makes a favorable announcement not only about the bitcoin but also the associated things like bitcoin exchange-traded fund that will see the final result. His price target suggested a return of more than 800 percent from the current levels.
According to a report in ccn.com, the co-founder of crypto wallet has admitted that it would not be an easy task of bitcoin price hitting $60,000 level. For this to happen, the price of the digital coin should cross the psychological $10,000 mark by next month or August. If that happens, Hosp thinks that the media coverage would turn into a positive catalyst and that his price target is quite feasible. His target appears to be biggest for the current year.
At the hindsight, this might look incredible to achieve as more than half of the period in the current year has already gone. However, considering that bitcoin and most other cryptocurrencies have delivered more than 1,000 percent returns in the last year, the prediction cannot be totally ignored. Still, the expected price is hard to be digested since the regulatory actions have accelerated in the current year, unlike the last year. Therefore, there is a sense of skepticism among the traders.
As far as bitcoin is concerned, the regulatory actions have both the impacts. For instance, the Securities and Exchange Commission (SEC) has clarified that the digital coin is not security thus relieving investors’ tension. On the other hand, though regulatory actions have impacted the overall crypto market unfavorably, several observers viewed it as a positive one.
Significantly, another digital coin, Ethereum’s co-founder, Joseph Lubin pointed out that the developers are now concentrating on creating infrastructure and that he is not worried about the drop in price. On the other hand, he believes that as long as its virtual asset could draw the attention of entrepreneurs and technologists for its ecosystem, it would help drive the value.
Though this might be an unrelated one for bitcoin, the SEC clarifying Ethereum as not security assumed importance. Also, the overall sentiment for the cryptocurrency market is a key factor to drive the price movement of the digital coin. Though there was some positive news like the next generation could see the virtual assets becoming the main payment option, it failed to reflect in the prices of either bitcoin or any other coins.