Co-founder and president of TenX Julian Hosp mentioned in the RISE tech conference in Hong Kong that he expected to see the Bitcoin price falling to $5,000 when it reached its December highs, yet still remains confident that the $60,000 mark this year is reachable for the biggest coin of the market.
Cryptocurrency values have taken a hit recently, but movement on the regulatory front has lifted the spirits of many observers. Hosp pointed out that a huge positive event which could be a country making a positive announcement about Bitcoin or a Bitcoin exchange traded fund coming to fruition will need to take place for the achievement of the $60,000 price this year.
If such element doesn’t appear, the crypto wallet founder admitted that Bitcoin will need more time to reach $60,000. For the coin to spike up there, he said the price will need to surpass the $10,000 mark by August. Should this happen, media coverage will be positive, then the $60,000 price would be possible.
While many crypto observers view regulatory activity as positive, regulatory scrutiny has put downward pressure on cryptocurrency prices. Many were relieved when the U.S. Securities Exchange Commission stated this month that Ether and Bitcoin are not securities.