Share:
  • BitMEX founder Arthur Hayes says the downtrend is not over.
  • He retains positive longer-term forecast, says Bitcoin can hit $40,000.

Arthur Hayes, the CEO of BitMEX, says that the bear trend on the cryptocurrency market could last for another 18-month period, until the spring of 2020. However, despite bearish calls, he is still positive about Bitcoin price in the longer-term time frame, saying that it can easily reach a new all-time high amid supportive fundamental or regulatory developments.


Speaking at Yahoo Finance U.K. event in London, the founder of Bitcoin Merchantile Exchange, focused on trading Bitcoin and other cryptocurrencies, Arthur Hayes compared the current market with the conditions of 2013 and suggested that the conditions could become worse before they would start improving.


“I’m just basing it off my previous experience. I started in bitcoin in 2013 when the price went from $250 to $1,300 and then from 2014 to 2015 was sort of the nuclear bear market. Price crashed, volume crashed — very, very difficult to make money,” he said.


Hayes is one of a few industry experts who predicts more pain for Bitcoin and other digital assets. Earlier he forecasted that Bitcoin would drop to $3,000 - $5,000 before a favorable regulatory decision would send the prices to the moon. Despite his gloomy predictions, he thinks that the SEC's decision to approve Bitcoin ETF would trigger a sharp rally up to $50,000 before the end of 2018.


“The market is blowing off some steam right now. I think the market is probably going through some healthy consolidation, but I do believe the long-term trend will be greater adoption of bitcoin and similar technologies,” he added.


A hardcore Bitcoin bull Mike Novogratz revised his optimistic forecast in October, saying that the coin would have a hard time returning to $9,000 handle by the end of the year. Earlier he expected to see it at $40,000.

 

Meanwhile, Bitcoin is hovering around $6,300. A sustainable movement higher will allow the coin to develop a more extended recovery towards the short-term target at $6,360, created by SMA50 (4-hour) and the lower border of the previous consolidation channel.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

PEPE price inches closer to 2024 peak with top crypto exchanges teasing PEPE memes on X

PEPE price inches closer to 2024 peak with top crypto exchanges teasing PEPE memes on X

PEPE’s social dominance and relevance have been increasing since February 20. This week, top cryptocurrency exchanges have shared PEPE and related memes in tweets on their official X handle. 

More PEPE News

SEI, Omni Foundation propose standard to unify Ethereum NFTs

SEI, Omni Foundation propose standard to unify Ethereum NFTs

SEI and Omni Foundation could help NFTs across the Ethereum ecosystem transition to scaling solutions and rollups. The two have proposed a new token standard, xERC-721, with a “code minimized” upgrade to the current standard. 

More Cryptocurrencies News

Bitcoin Weekly Forecast: BTC likely to correct to $50,000 soon

Bitcoin Weekly Forecast: BTC likely to correct to $50,000 soon

Bitcoin price has formed a potential top signal that forecasts a sell-off. The weekly chart also points to a bearish divergence, which adds credence to the bearish outlook. Investors can expect BTC to consolidate between the $52,062 to $45,160 levels.

More Bitcoin News

XRP price plunges as Kraken cites SEC v. Ripple lawsuit in its legal battle against the regulator

XRP price plunges as Kraken cites SEC v. Ripple lawsuit in its legal battle against the regulator

XRP price inches closer to support at $0.52 after the recent developments related to the SEC’s lawsuit against Ripple. Kraken cited a key part of the SEC’s lawsuit against Ripple that could impact the outcome of its own legal battle against the regulator. 

More Ripple News

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin price has formed a potential top signal that forecasts a sell-off. The weekly chart also points to a bearish divergence, which adds credence to the bearish outlook. Investors can expect BTC to consolidate between the $52,062 to $45,160 levels.

Read full analysis

BTC

ETH

XRP