Julian Hosp, co-founder and president of crypto startup TenX[1], says he’s still “quite confident” that Bitcoin[2] (BTC) can hit $60,000 in 2018, CNBC[3] reports Wednesday, July 11.
During an interview[4] at the Rise conference in Hong Kong[5], Hosp told Squawk Box co-host Akiko Fujita that he still stands by the initial 2018 forecast[6] he made in December for the leading cryptocurrency:
"Back then, December, price was at a $20,000[7] all-time high. I predicted for 2018, we're going to see $5,000 and $60,000. So $5,000, we’ve pretty much hit it, so let's see if we can do the $60,000. I'm still quite confident."
Bitcoin has not yet plummeted as low as $5,000 this year — a price point that would bring it back to its valuation in September 2017[8]. However, the cryptocurrency’s recent downtrend[9] is showing bearish signs, having dipped to around $5,880 in late June:
Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index[10]
Hosp believes the $60,000 mark could be a reality this year assuming there is a "massive positive event" — for example, a Bitcoin exchange traded fund (ETF[11]), or a country announcing something that is "very, very positive for Bitcoin." If this fails to happen, he conceded, the major upswing could take “a bit longer.”
Weighing in on recent regulatory crackdowns that may be having a negative impact on the crypto markets — with Fujita mentioning Japan[12] as a prime example[13] — Hosp said he thought that the “perfect path” for crypto-specific
