Last week’s Bitcoin battle between BitMEX boss Arthur Hayes and permabear Nouriel ‘Dr Doom’ Roubini made the headlines for all the wrong reasons. The heated debate, dubbed the ‘Tangle in Taipei’ consisted of a lot of mudslinging and usage of colorful language which generally showed the industry in a poor light to outsiders. There were, however, a lot of bold price predictions for bitcoin and cryptocurrencies at the event.
Big Things Ahead For Crypto
CNBC Africa covered the event speaking to the wide range of attendees and crypto personalities, each with their own take on where bitcoin and altcoins are going this year and beyond.
Today Bitcoin price has moved back up, breaking through resistance at $11,700 to hit a July high of $12,750 during Asian trading session this morning. The big move started a few hours ago and this has lifted the total crypto market capitalization value up as BTC dominance surged to 66%. Altcoins are still slumbering but many of the Taipei event attendees were confident that this would not be the case for much longer.
When asked about volatility, Hayes added that there is likely to be quite a lot putting his Bitcoin price prediction between the $10,000 and $20,000 levels, this would be good for trading naturally as price does not move in a straight line. He made the point that those wanting to avoid volatility would be better trading the S&P500.
Next, it was Changpeng Zhao’s turn in the spotlight. The Binance boss got straight to his products, the DEX, crypto futures, and IEOs. He added that adoption was so much faster than he expected, and margin trading possibly to rival BitMEX, will soon follow as may derivatives.
Volatility Rules, New ATHs
Co-founder of Hxro, Rob Levy, agreed with the general sentiment that the volatility isn’t going away soon. When asked about prices he boldly added that Bitcoin price will reach $35,000 before the end of the year. Coinflex CEO, Mark Lam, stated that there is a lot of optimism in the space and everyone is very confident that further market gains will be forthcoming.
When a number of experienced crypto traders were interviewed, few thought that there would be a parabolic move up to $20,000 but most agreed that the BTC volatility was here to stay.
The big question on altcoins came next and many agreed that when it happens, there will be a general shift into a lot of them which will spur the next ‘altseason’. There was no timeframe for this, however, and current market conditions indicate that it is still quite a way away as Bitcoin continues to devour its brethren.
When will the altseason finally kick off? Will Bitcoin have the last laugh? Add your thoughts below.
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