Arthur Hayes, the CEO of BitMEX–an online trading platform that gives users access to the capital markets via Bitcoin, made a bold prediction in May that the price of the cryptocurrency would reach the $50,000 mark before the end of 2018.

Currently, the price of Bitcoin is hovering around the $6,000 mark, but Hayes is not pumping the brakes on his prediction.

Related: ​If Apple Won’t Innovate Beyond Hardware, Why Not Buy Nvidia or Netflix?

After dipping below the $6,000 mark, Bitcoin was propped up last weekend, rising to a high of $6.465.51 before paring its gains to $6,331.60 on Sunday morning.

Bitcoin $50k

Could this be the start of a raging bull trend towards the astronomical $50,000 price market Hayes is alluding to?

Subscribe to our free daily newsletters!
Please enter your email address to subscribe to ETF Trends' newsletters featuring latest news and educational events.