Arthur Hayes: Bitcoin (BTC) Price at $10,000 by End of 2019, After $50K by 2018 Prediction
The CEO of the popular cryptocurrency exchange Bitmex, Arthur Hayes, has predicted Bitcoin to reach $10,000 by the end of the current year. He said this in a recent newsletter released to the customers of the platform, of course, after his $50,000 BTC price prediction that was for the end of 2018. 2018 has been a hard year for Bitcoin (BTC) and analysts and experts are waiting for a new bull run in the near future.
Arthur Hayes Bullish About Bitcoin
Although he said that the year will be boring, “green shoots will appear” at the end. Hayes has also tied Bitcoin price to the decision taken by the Fed on interest rates and PBoC’s unwillingness to reign in credit growth.
About it, he mentioned:
“The Fed couldn't stomach a 20% correction in the SPX. In the recent Fed minutes, the dot plot now shows now [sic] rate increases for the rest of 2019. The Fed will start reinvesting its runoff in the third quarter. We are only a hop, skip and a jump away from an expanding Fed balance sheet.”
China must also rebalance its economy and Xi Jinping must also have the political strength to push for painful changes. Thus, the idea behind Hayes’ report is related to the fact that banks will keep mismanaging their money.
As he mentioned, the market will come back to $10,000, which is a very important psychological barrier. For him, $10,000 “is a nice round sexy number.” $20,000 will be the ultimate recovery, however, it is not clear how he expects the market to reach that point once again.
Having a look at Bitcoin’s log price over time, the digital asset should reach $1,000,000 within a decade. Bitcoin cannot be printed, there will ever be only 21 million and that’s something that will never change.
Bitcoin could clearly start growing in price this year. Several altcoins have already bottomed and are entering a new positive trend in the space. Bitcoin’s rally would start sooner or later, and investors must be prepared for it.