Bitcoin has been witnessing a bearish trend for the past few months and recently saw a huge price drop by hitting the eight-month low of about $5800 and the trend was also called as 'Bloodbath' by some. Just when everything seemed low, the price of bitcoin surged to a nearly $6500 high.

It’s nearly 9 percent up in the last 24-hour period, however, at the press time, the stats are something as under:

Many are trying to catch the real reason behind this price surge, but to their despair, there are just assumptions and aren't able to find a factual one. This has created an uncertainty of the Bitcoin's future.

Arthur Hayes, CEO of BitMEX answers - where could Bitcoin’s price be heading next?

Hayes made a price prediction, earlier this year of $50,000 by the end of the year and is still standing by it. In an interview recently, on CNBC Fast Money, Hayes cited that:

"I think something that can go up to $20,000 in one year can have a correction down to about $6000. I think it definitely found a bottom … but with one positive regulatory decision away, to climb to $20,000 or even $50,000 by the end of the year."

Along with Hayes, many other cryptocurrency personalities have given their Bitcoin price predictions. To cite some, Tim Draper predicted $10,000, McAfee Line predicted around $29,000, Tom Lee around $25000, and so on.

Hayes also explained, seeing the rapidly growing cryptocurrency market and the number of investors in the crypto space, that:

“In 2013 to 2015, we went for $1,200 to $200. In 2015 to 2017, (we went from) $200 To $20,000. So, we’ve done these sort of moves before. I think the time span is going to shorten because you have many more people involved in the market, who have invested capital and resources to trade this asset class.”

So far, Hayes prediction stands highest. It is seen by some as an exaggerated prediction while some believe it to be a rational one. The reality will be disclosed only by the end of the year. So let's wait and hope for the Bitcoin's high soar!!

To know more about Bitcoin, visit Bitcoin|CoinTopper

For more updates, follow CoinTopper.com