BitMEX CEO Arthur Hayes made a quite bearish short-term prediction for the leading cryptocurrency, bitcoin. Arthur Hayes warned that bitcoin is poised to retest the $3,000 region in the short-term. In the BitMEX Crypto Trader Digest letter, the CEO said that as the US stock market sees another leg down, all asset classes could ‘puke,’ causing the Bitcoin price to correct.
BitMEX CEO believes bitcoin will fall as stock markets continue to plunge
BitMEX CEO Arthur Hayes predicts that the US stock market will pull back, after a superficially strong rebound that began in late March. The pullback in the stock markets would be the main reason for bitcoin to retest $3,000 in the short-term. Hayes wrote, “Bitcoin will be owned unlevered. Could the price retest $3,000? Absolutely. As the SPX rolls over and tests 2,000, expect all asset classes to puke again.” He added that as violent as the Q1 collapse in asset values was, we have almost 100 years of imbalances to unwind the ancien regime.” Arthur Hayes had also predicted the BTC drop to $3,000 in early 2020.
Arthur Hayes is still positive about bitcoin’s long term future
BitMEX CEO Arthur Hayes has warned about the short-term future of bitcoin, but he still believes that bitcoin will end this year with an all-time-high. Hayes estimates that the bitcoin’s price at the end of this year would reach $20,000. The coronavirus pandemic has not slowed down as countries continue to report more and more and positive cases and deaths each day. The exponential growth in the deaths and new COVID 19 cases in the United States has made it the new epicenter for the virus.
Scientists have said that it might take 12 to 18 months to make a vaccine for this virus. According to Arthur Hayes’s prediction, it seems like bitcoin is still coupled with traditional markets, and if the markets crash in the coming time, then the bitcoin price will naturally follow.