Bitcoin price (BTC/USD) returns above $7,400 after rocky trading

The original cryptocurrency could reach $50,000 by the year’s end, but it hasn’t bottomed yet, according to crypto trader

Bitcoin price (BTC/USD) returns above $7,400 after rocky trading

After experiencing a few ups and downs over the past 24 hours, the Bitcoin price (XRP/USD) now appears to have stabilised above the $7,400 level.

The flagship cryptocurrency had a difficult start to yesterday’s trading session, as it struggled to recover from a late Wednesday drop. The digital coin fell to an intraday low of $7,295.46 in the early hours of the session, before rebounding in the afternoon. The coin re-tested the $7,500 level, but was forced to retreat in the face of stiff resistance. Bitcoin hit an intraday level hit an intraday high of $7,494.46, before closing the session at $7,466.86.

The Bitcoin price has seen experienced some drops today, including a dip below the $7,400 mark earlier in the session. However, the digital currency has picked up in more recent trading, possibly positioning itself for another attempt at breaking above the $7,500 barrier. At the time of writing, the Bitcoin price was hovering around $7,450, according to data from digital currency tracker Coinmarketcap.

This week’s break has seemingly cemented Bitcoin’s comeback from the 2018 lows of below $6,000 that the coin reached less than a month ago. However, the digital currency is not out of the woods yet, according to the co-founder and CEO of Bitmex Arthur Hayes.

"I don't actually think we've seen the worst," Hayes told CNBC yesterday. He thinks that the coin could hit “8,000, 9,000 and maybe just shy of 10,000," before falling again.

“I would like to see us test 5,000 to really see if we put a bottom in," Hayes said.

Despite this, Hayes stands by his earlier forecast that the Bitcoin price could hit $50,000 by the end of the year.

"I think the current rally will top out close to but not greater than $10,000. Then we will fall and test $5,000. If that holds then we can rally to $50,000 by year end," Hayes said, as quoted by CNBC.

In today’s trading, the Bitcoin price stood at $7,454.23, as of 09:56 BST. The digital coin has gained 1.4% in the past 24 hours.

For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.

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