A hypothesis is a tentative theory which is unverified, but if true could explain selected facts or observations. A hypothesis expresses an opinion which isn't necessarily based on provable evidence.
A theory is a little more solid than a hypothesis, so a hypothesis when tested and proved to have some basis might become a theory.
A theory might also refer to a belief with little or no fact behind it at all: he has a theory that the month in which people are born affects their personalities.
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