Bitcoin Price Prediction: Is BTC Price Going Straight to $ 30,000 by June?





Bitcoin’s price trend to move in tandem with tech stocks means the largest cryptocurrency could plummet to $ 30,000 by June, according to Arthur Hayesthe co-founder of the cryptocurrency exchange BitMEX.

Hayes also said in a blog post Monday that the same dynamic could bring Ether up to $ 2,500. Tokens were trading at around $ 42,300 and $ 3,180 at 12:43 in Hong Kong, respectively. Mr. Hayes said he was buying “crash” style put options maturing in June on both coins, noting that overall he was “long in cryptocurrencies”.

Expectations of a series of interest rate hikes by the Federal Reserve over the next few months they have recently weighed on crypto and tech stocks, with the Nasdaq 100 index losing 3.6% last week and bitcoin briefly dipping below $ 42,000 on Monday. The Fed may need to raise interest rates beyond 4%, Jan Hatzius, chief economist at Goldman Sachs Group Inc. Jan Hatzius chief economist, said Friday.

Bitcoin’s 90-day correlation with the Nasdaq 100 is at an all-time high, damaging the token’s appeal as a diversification tool. The combination of weaker global growth and less dovish central banks will weigh on tech stocks and, by extension, cryptocurrencies, Hayes said. He acknowledged that his predictions of him for Bitcoin and Ether are primarily based on “gut feeling”.

The cryptocurrency markets “will take stocks to the downside as we head into recession and will take stocks to the upside as we struggle to get out of it,” he wrote. “Bitcoin and Ether will hit their lows long before the Fed takes action and changes its policy from tight to soft. “

Mr. Hayes, who is awaiting sentencing after admitting in February, along with fellow BitMEX co-founder Benjamin Delo, that they do not have an anti-money laundering program in place at the bag cryptocurrency has been cautious about digital assets lately.

“As we approach the end of the year and the first quarter of 2022, I don’t see how we can get out of Bitcoin at $ 69,000 or Ether at $ 5,000,” he wrote on Dec 10, after both tokens dropped sharply in the month. previous. “I can imagine a messy, sideways and boring market, with small bouts of downside volatility followed by a tepid recovery. “

This prediction came true premonitorywith bitcoin spending most of the year in its narrowest trading range since mid-2020, long-term holders were a sign that digital assets were about to get out of the rut.

Bitcoin breakout supporters worry about another false start.

“There are many experts in the market for crypto who believe the worst is over, “wrote Hayes in his latest post.” I believe they are ignoring the inconvenient truth “that cryptocurrency prices are currently an indicator for the S&P 500 and Nasdaq 100,” and are not trading on fundamentals. of being peer-to-peer digital networks. peer, decentralized, censorship resistant, designed for money transfer. “

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