Arthur Hayes, CEO of BitMEX is quite bullish about the Bitcoin prices, now that the longest bearish run is on the verge of its end. The CEO says Bitcoin might touch $10,000 mark by the year-end. Mind you 2018 brought along the longest crypto winter right after the price peak of cryptos in 2017.
The bearish trends saw major cryptocurrencies lose a significant chunk of their market capitalization, where the majority of the altcoins and Bitcoin shed 80% of its total valuation.
With the recent rally in prices of bitcoin and other altcoins, many analysts and crypto enthusiasts believe that the longest crypto winter is nearing its end, and believe the next bull run would drive the prices to new highs.
Arthur is outspoken But know What he is Talking
Arthur has often been criticized for speaking against the sentiments of the community and his outspoken nature has often got him in trouble. However, no one can deny his knowledge about the trade market and he keeps his sentiments away from decision making. Time and again he has proven that when he talk trade, he means business.
Arthur was quite right when he predicted the Bitcoin prices to touch sub 5k mark which turned out to be true, now he is quite bullish about Bitcoin and believes that the toughest times are over. He made it clear the current trends are no absolute evidence of the next bull run, however, the bearish trends are certainly fading away.
He says by the year-end, Bitcoin can see a small upward momentum which might take its price up to the $10k mark. He adds further that the crypto market has surpassed the critical phase of 2018, add the increased interest of the community, the prices for sure see an upward movement.
“All is not lost; nothing goes up or down in a straight line. 2019 will be boring, but green shoots will appear towards year-end.”
Arthur believes that market sentiments still play a very pivotal role in driving the prices of cryptocurrencies. He adds that the same market sentiment can make the $10k mark a little slower and boring to achieve, but as the Bitcoin touches $10k then $20k won’t be as far-fetched as it seems right now.
“The 2019 chop will be intense, but the markets will claw back to $10,000. That is a very significant psychological barrier. It’s a nice round sexy number. $20,000 is the ultimate recovery. However, it took 11 months from $1,000 to $10,000, but less than one month from $10,000 to $20,000 back to $10,000.”
The cryptocurrency trade market has seen many upward rallies from the beginning of 2019, however, the crypto world has never capitalized on the momentum and even after breaking into the $4k mark, the prices of Bitcoin always falls below the $4k mark almost immediately.
The price predictions are quite common, but what makes the Arthur statement more reliable is that he did not go overboard with the predictions and analyzed both long and short, valuation. Let’s hope his predictions come true and the crypto space finally sees some green for a longer extended period of time.