Bitcoin (BTC) Trading Sideways Minimizing Bearish Pressure, BitMEX CEO Says Bitcoin (BTC) Will Hit $50,000

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The last couple of days have seen the market find stability and begin largely trading sideways. For the crypto leader, Bitcoin, the coin has been trading within the $5,000 price range.

Despite several attempts to cross the $5,150 mark, the leader has failed repeatedly and dropped back to the $5,050 price range. But, this has in no way been a loss for the bulls. As long as Bitcoin is above $5,000, the market has a bullish outlook and is likely to rally with the slightest trigger.

Also, a price correction from last week has seen some bearish pressure set in on the market. But the sideways action in the last couple of days has seen this bearish pressure go down. This could very well allow the bulls to get back in the driver’s seat and attempt another breakout. Prior to the correction, Bitcoin had established a $5,450 resistance position, which means the next rally should see it break above $5,500.

BitMex CEO Hayes Say Bitcoin Will Hit $50,000 In The Next 2-5 Years

BitMEX CEO, Arthur Hayes, has in recent months avoided making predictions over Bitcoin’s future. This is no surprise as his last prediction was off by a significant number. Last year, despite Bitcoin dropping below $6,000 at the time of his prediction, the CEO had predicted that Bitcoin would end the year trading above $50,000. The nasty surprise, it ended below $3,500.

Now, the CEO is taking a more conservative approach to his predictions. In a recent interview on the Venture Coinist podcast, Hayes made a short term prediction of $10,000 for Bitcoin by the end of the year. He then added that he thinks Bitcoin will hit $50,000 in the next two to five years.

One reason that will facilitate this long term prediction according to him is the recent push by governments to abandon cash. With mobile money currently on the rise, people around the world will begin discovering Bitcoin (as well as many other altcoins) and its many features and benefits.

“That’s where I really see the value proposition for bitcoin finally clicking in everyone’s head.”

In recent weeks we have seen many analysts make bold predictions following the recent market surge which inspired most of them and many investors. And while the market is at times nearly impossible to predict, one cannot help but see some validity in some of the predictions.

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