TenX Founder Says Bitcoin Might Hit $60,000, But a Major Correction is Inevitable

Bitcoin which has entered a major correction since the past weeks still remains a hot topic of discussion amongst retail investors as well as analysts. Talking to CNBC, Cryptocurrency entrepreneur Julian Hosp said that the glorious journey of Bitcoin is yet not over still.

Julian says that the cryptocurrency is poised to grow by $45,000 from the existing levels. However, he has also said that a major correction in Bitcoin is inevitable and this could take the cryptocurrency down by $10,000 levels as well. Hosp said: "I think we're going to see bitcoin hitting the $60,000 mark, but I also think we're going to see bitcoin hitting the $5,000 mark. The question is though, 'Which one is it going to hit first?”

Well, a lot of financial professionals and government bodies have already warned about a possible bubble and the dangers associated with investing in cryptocurrencies. They believe that a crash is soon underway as nothing gives true value to the cryptocurrencies.

While commenting on the latest correction in the crypto markets, Hosp said: "For experts that have been in the market, this was actually a welcome dip.” Hosp said that having undergone a dangerous elevation in its value in the past two months, he could see the correction coming.

He further added, "This dip for us was very, very healthy, and some of us have used it to buy a little bit more because suddenly we had 40-45 percent discount to all-time highs.”

When asked about whether Bitcoin will still undergo a correction from here, Hosp said “Definitely. I don't think right now, but I think in the long run, we will always see a little bit of an up move, and then a dip down.”

Going further, Hosp believes that there could be a huge consolidation in the cryptocurrency market where many of them will possibly disappear and only a few would sustain the winds and continue to grow.

Explaining this in detail, Hosp said "I don't think crypto winter is going to come in the next couple of months, but I think if we look down one to two years, there is definitely going to be a big compression in the market. I don't think it's going to be a bubble that's just going to burst and everyone is going to lose their money, but I think it's going to be that all the coins and all the assets with very little use or value are going to get sorted out.”

He further added that "The money is going to flow into those assets in this cryptocurrency space that really deliver value, have new technology, and are being used by people.”

Concluding his talk, Hosp said that he sees Bitcoin more of an asset class like Gold rather than a currency that can be used on daily basis.