Like many other personalities in the crypto industry who forecast Bitcoin BTC from time to time, the CEO of Bitmex also endorses it as in the last newsletter of this crypto exchange specializing in Bitcoin derivatives.
The Bitcoin price could well fall to 3000 dollars or in a range between $2,100 and $3,000.
What is Arthur Hayes’ basis for deciding on a possible drop in the price of Bitcoin?
Well, simply on the current economic situation and the health crisis created by the Coronavirus/Covid-19.
Billions of people in quarantine and containment, completely shutdown companies and economic sectors around the world could simply cause another downturn in financial markets and a sudden sale of assets including Bitcoin BTC.
The CEO of Bitmex says in particular:
“Bitcoin will be held without leverage. Could the price retest $3,000? Absolutely. If the SPX drops and tests 2,000, all asset classes should vomit again.
As violent as the collapse in asset values in Q1, we have almost 100 years of imbalances to unravel the old regime. My price target at the end of 2020 remains $20,000.”
Quite logical assumption of a further decline in the financial markets expected in particular from the fact that america has just started its period of confinement and that the economic consequences will be felt more and more and will have repercussions on the rest of the economies worldwide.
If the United States coughs, the rest of the world will catch a cold if it is not already the case…
The CEO of Bitmex still maintains his prediction that he had already made in the past of a price of Bitcoin BTC at 20,000 dollars at the end of 2020, precisely because of this economic crisis and the questioning of the fundamentals of the financial system with this unlimited dollar bills printing, Quantitative Easing (QE).
So the future will say if Arthur Hayes was right, many Bitcoin hodlers or a good part of the crypto community would certainly like to see a Bitcoin price back to 20,000 dollars at the end of 2020.
Which could also push up the price of cryptocurrencies and altcoins still at their lowest prices with this endless bear market.
A Bitcoin BTC price currently around $6,800.
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