Bitmex CEO Arthur Hayes’ $5,000 Bitcoin Price Prediction Still in Play Before $50,000 Forecast
Arthur Hayes’ $5,000 Prediction Might be On The Horizon
Predicting cryptocurrency prices has been nothing better than throwing needles in the dark. The prophecies have been nothing better than astrology. Amidst all these terrible predictions, are a few who hit the mark. Arthur Hayes’ $5k prediction seems to be one of them.
Arthur Hayes is the CEO and co-founder of Bitmex, and he told CNBC that:
“I don’t actually think we’ve seen the worst.”
He went on to explain the approach that he thinks that BTC will see one more slide before they reach the heights they are meant for. His expectation is that BTC could realistically reach any level, whether it is $8,000 or $90,000. He said the most promising price he thinks he will see for Bitcoin is $10,000 before the industry sees another drop, though he does not expect lower than $5,000.
Frank Chaparro, a fintech-focused reporter pointed this out on Twitter.
— Frank Chaparro (@fintechfrank) August 14, 2018
So, Is This Prediction in Store?
After the SEC’s moratorium judgment for the VanECK and SolidX Bitcoin ETF, the market started to plunge, dropping from a monthly high at $8,500 to today’s low at $6,000. While Hayes has yet to bring up his forecast once again, some investors have become frequently aware that the first part of his prediction could come to pass as Bitcoin nears $5,000. First, Bitcoin will need to test the $5,800 level, which has become an essential line of support in previous downtrends.
For Hayes’ prediction to be successful, the market will have to go against all the odds to fall under $5,800, to only surpass this level only weeks, if not days later. The support has been strong around $6,000 and there are very few indicators that show this support is going to collapse.
Even if Bitcoin was to pull off this act, several experts fret that there is a short upside. In Hayes’ second mention of $50,000, the CEO pointed out that the catalyst for such a move would be a positive supervisory decision. But now that the positive regulatory environment encompassing this space has deflated, some fear that the market’s success has run out, or at least for 2018 nevertheless.