The co-founder and CEO of the cryptocurrency trading platform BitMEX, Arthur Hayes, has recently made some waves with a fresh Bitcoin price prediction. Specifically,
Hayes says Bitcoin will reach $10,000 in Q4
This news came in a note by Hayes from the BitMEX Research Desk, released on March 22nd. In it, Hayes argued that the cryptocurrency market will likely see a drastic market recovery in the fourth quarter of this year.
”The 2019 chop will be intense, but the markets will claw back to $10,000. That is a very significant psychological barrier. […] $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.”
Furthermore, the report by Hayes notes that the ”repair of crypto investors’ balance sheets” is likely not done yet. Rather, it will take some time for the losses to be digested by the market.
Moreover, the newsletter actually tells investors that it is soon time to ”get excited” for the potential of drastic gains within the cryptocurrency market.
Although it cedes that 2019 could mainly be ”boring” due to digesting the losses experienced during the past year, it guides that early Q4 of 2019 will see a green wave sweep the cryptocurrency markets.
As such, it is entirely likely that a cryptocurrency frenzy might once again pick up at the end of this year – if Arthur Hayes’ note is to be believed. Nevertheless, this type of prediction should – like always – be taken with a healthy heaping of salt.
BitMEX has recently reviewed the price decline in cryptocurrency funds
Moreover, this news comes after BitMEX relatively recently reviewed that the value of issued tokens had plummeted dramatically from its high of around $24.2 billion at its issuance, to approximately $5 billion.
Furthermore, BitMEX recounted that the vast majority of losses during this period stemmed from the drastic fall in cryptocurrency prices experienced during 2018. Specifically, the bear market was said to have accounted for 54% of the losses.
Nevertheless, it should be noted that this loss of funds was also affected by a transfer of $1.5 billion of funds to unknown external addresses. At the time, BitMEX’s report also alleged that the funds’ peak value had been as high as $80 billion.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.