Julian Hosp is still bullish about Bitcoin. The co-founder and president of TenX believes that $60,000 per Bitcoin in 2018 is quite possible.
Bitcoin needs a Ethereum Code
At the moment the euphoria seems to have subsided somewhat, but with the upcoming Bitcoin ETF decision, it is quite a positive event that could affect the entire crypto currency market. Earlier this year Julian Hosp predicted that we would it is quite a positive Ethereum Code see two extremes. The first was the $5,000 mark and a new all-time high of $60,000. The question was which event would happen first. The TenX co-founder was at the RISE conference in Hong Kong and spoke to CNBC:
„Back then, in December, the price was $20,000. I predicted for 2018 that we would see $5,000 and $60,000. So $5,000, we made it, so let’s see if we can reach the $60,000. I’m still very confident.“
However, the TenX president admits that a „massive positive event“ is necessary for Bitcoin to reach the $60,000 mark this year. He stressed that an officially SEC-approved Bitcoin ETF could be such an event.
The Bitcoin price must move slowly
Hosp admitted that the Bitcoin price must reach $10,000 in August for it to eventually reach a new all-time high. Of course, the mainstream media play a big role in this context, as he stresses, because they will stimulate a FOMO phase as soon onlinebetrug as the Bitcoin price rises above $10,000.
In the video with Youtuber Sarazar, Julian Hosp stresses how important the $10,000 to $12,000 mark is as many investors had sold at this price level. Reaching this mark again can create a FOMO situation (Fear of Missing Out) so that the price could get enough momentum.
Why are all bullish about Bitcoin?
Recently, there has been an increase in forecasts from well-known Bitcoin enthusiasts. But why are so many currently in a positive mood, even though the current price level looks relatively gloomy?
Personally, I think there could be two scenarios in 2018 that could trigger a bull rally. Firstly, the decision on a SEC-approved Bitcoin ETF is very clear. This gives traditional investors the opportunity to invest in the BTC market „without risk“. The addition that the deposits are insured not only promotes the trust of the institutions but also strengthens the infrastructure around Bitcoin.
Furthermore, in my opinion, custody is extremely important. At the moment, traditional institutions or major investors have almost no possibility to invest securely in Bitcoin and other crypto currencies. With an appropriate storage solution the risk is minimized and the acceptance is increased.
Coinbase has already released a custody solution that will become increasingly popular in the coming months. It is possible that major banks will also try to gain a foothold in the custody market, as this type of service can and will be quite lucrative.