The values of digital currencies have taken a serious hit over the past couple of months, as the bears seem to be in control of the market. However, movement on the regulatory front has given a lot of investors and enthusiasts hope and it has lifted their spirits.
One executive of a digital currency startup believes that the value of Bitcoin (BTC) could get to as high as $60k by the end of this year, irrespective of its drastic decline from the high of almost $20k in December last year to the $6k range.
Speaking at the RISE tech conference in Hong Kong, the president and co-founder of TenX (a digital currency wallet) – Julian Hosp, said that he expected the value of BTC to decline to the $5k mark after it got to its highs in December last year, and he is very confident that the value of the coin will surge to the $60k level by this year.
Bitcoin Price Today: Current Price of BTC
At the time of writing, Bitcoin (BTC) is down by 1.9 percent compared to its value twenty-four hours ago, and the coin is now trading at $6,201. Its market cap has also dropped to $107.13 billion with a trading volume of $3.51 billion over the past twenty-four hours.
Positive Events and Developments Are Needed
Julian Hosp said that a key positive event is required in order to achieve the forecasted value of the coin. He added that such a key event could be a Bitcoin (BTC) exchange traded fund (ETF) coming to fruition or a country making a positive announcement regarding BTC. He said if such an event takes place, it would help the value of the coin skyrocket to the $60k mark.
Hosp added that the value of the coin needs to surge over the $10k level by August. If this happens, media coverage will be super positive, making it possible for the coin to achieve the $60k price.