The CEO of TenX, Jameson Lopp, had predicted back in December 2017 that Bitcoin’s price would hit both USD 5,000 and USD 60,000 in 2018. This prediction was made near the peak of the cryptocurrency rally which saw Bitcoin’s price briefly peak at USD 20,000.
Now, one half of Jameson Lopp’s prediction has basically come true, Bitcoin dropped to USD 5,750 in late June 2018. On CNBC Jameson Lopp re-affirmed that he is quite confident Bitcoin will hit USD 60,000 in 2018.
This is quite a bold prediction since past the middle of 2018, so if Bitcoin were to hit USD 60,000, it will have to start rallying soon and keep doing so consistently for months. Bitcoin’s price has been declining the entire year, and has been quite stagnant since early June 2018, with no signs of a rally so far. That’s not to say the news hasn’t been increasingly positive, indeed there are many stories coming out on the first institutional investments into crypto and the launching of crypto custodian services, which could be a harbinger for a big wave of capital from institutional investors.
Lopp is not alone in his bold Bitcoin price prediction. Ethereum co-founder Charles Hoskinson, Kyle Samani, BitMEX CEO Arthur Hayes, John McAfee, Michael Strutton, and ADVFN CEO Clem Chambers have all predicted that a Bitcoin rally is imminent due to a combination of cryptocurrency custodianship, institutional investment, and the expected launch of the first Bitcoin exchange-traded fund (ETF).
Indeed, Lopp says that a big piece of positive news is what could spark the next rally, especially a Bitcoin ETF. He also mentions that a country becoming very positive toward Bitcoin could start the rally. It could be argued this has already happened, since Malta has become a safe haven for all blockchain and crypto companies and has gone as far as giving one of the world’s largest exchanged, Binance, a bank account. Lopp says if these events don’t happen it will take longer for his prediction to come true but regardless, he says eventually the market will switch to an uptrend.
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