CEO of the BitMEX crypto exchange, Arthur Hayes suggests that the bitcoin rate may still fall to $5,000 before reaching $50,000 this year.
While commentators continue to seek an explanation for the rise of bitcoin on July 17, when in a short period of time the rate of cryptocurrency rose from $6,800 to $7,400, Hayes says that this behavior is familiar to market participants and supports the bearish forecast of the well-known trader Ton Weiss, which previously predicted a minimum of about $4,950.
According to Hayes, whose company regularly publishes analytical materials and studies, despite the “steady rise against the backdrop of good volumes”, the worst for bitcoin is yet to come.
“I would like us to test $5,000 and see if we really have reached the bottom. If this level stands, we can rise to $ 50,000 by the end of the year,” he said.
Commenting on the behavior of the cryptocurrency market this week, Hayes said that “many may have opened positions near the same level, because of which there was a small jump,” adding that “we can of course see $8,000 or $9,000 and even come close to $10,000 to fall back and test $5,000.”
At the end of June, Hayes said he was not going to abandon his earlier predictions.
“Something that rises to $20,000 per year may experience a correction that lowers the price to $6,000,” he said at the time, adding that the market for cryptocurrency may be enough “one positive regulatory decision, such as ETF approval by the Commission on Valuable US Securities and Exchange Commission (SEC) to rise above $20,000 or even up to $50,000 by the end of the year.”