Bitcoin Mercantile Exchange (BitMEX) CEO Arthur Hayes says the Bitcoin price must still drop to $5000 before ending its 2018 bear market.

HAYES: ‘I’D LIKE TO SEE US TEST $5000’

In comments which echo other prominent trading figures — such as Tone Vays — Hayes told CNBC yesterday that, despite prices rallying this week, sentiment will fizzle out and Bitcoin will continue falling lower. “I don’t actually think we’ve seen the worst; I think this is a very strong rally on good volume and we definitely could see $8000 or $9000 and maybe just short of $10,000,” he forecast, continuing:

…I would like to see us test $5000 to really see if we’ve put a bottom in.

Bitcoin generated considerable excitement both inside and beyond the cryptocurrency industry on June 16 when prices gained around 12 percent in one hour — seemingly without prior motive.

While initially skeptical, many commentators have since begun to eye the uptick as the start of a stronger period of growth after months of decline.

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