Bitcoin Mercantile Exchange (BitMEX) CEO has a new prediction in the short-term future of the Bitcoin price. Arthur Hayes thinks that if the current market volatility continues, bitcoin will be shading its price to around $2000. According to the executive, who is a trading expert and cryptocurrency pundit, $2000 is his “new sweet spot.”
This announcement comes barely days after Hayes gave another prediction on the future of bitcoin market and therefore the cryptocurrency market by extension. In the interview with Yahoo Finance, Hayes said that due to the lack of volatility from the market’s largest cryptocurrency, he predicted that the bear market will prevail until the end of 2019 at the very least but possibly stretch to 2020. Backing this prediction, he said that he drew parallels to the 2014/2015 bear market that was preceded with a bullishly volatile few months similar to what we witnessed towards the end of 2017.
His latest prediction is based upon a report that his team at BitMEX revealed yesterday subtitled “Bear Market Blues” that was released with BitMEX’s regular “Crypto Trader Digest.” The report portrays a negative bitcoin market sentiment with the main point being that the market may not experience a similar bitcoin rally to the one that preceded the end of 2017 until 2019 at the earliest. Announcing the release of the latest digest, Hayes wrote on his Twitter page:
“Check out the new hotness. The latest Crypto Trader Digest just dropped. https://t.co/h2YrqcUafF”
— Arthur Hayes (@CryptoHayes) November 2, 2018
Based on the BitMEX Research, Hayes said that bear market began on 12th March this year which is the day that Bitcoin’s spot price fell below the 200-day moving average. And according to Bitcoin’s price action history, the bear market could last through 2020. Hayes also issued a warning to cryptocurrency traders. He said that the “choppiness” of Bitcoin’s sideways market will “eat traders alive.” However, he mentioned that Bitcoin’s volatility is highly essential in order to regain its spot in the mainstream.
