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Bitcoin (BTC) hits $ 5,000 after the sell-off, the prophecy of CEO BitMEX has been met
In July, as reported by Ethereum World News, Arthur Hayes, the famous CEO of BitMEX, based in Hong Kong, unexpectedly predicted that Bitcoin (BTC) did not touch $ 5,800, even if the main analysts of the cryptography market they asked to disagree.
At the time, Hayes, a former trader / analyst at Citibank and Deutsche Bank, said that "I think we have not seen the worst yet," before adding that BTC would probably have tested $ 5,000 before bottoming out. Now, after almost a week of tumultuous price action, which began Wednesday morning, BTC fell less than $ 5,000 for the first time in 2018.
#Bitcoin it's officially under $ 5k on Coinbase … pic.twitter.com/MyT75TEWlL
– 🤘 Nye The Crypto Guy🤘 (@CryptoShillNye) November 19, 2018
This move below $ 5,000, which was catalyzed by an influx of selling pressure, took many operators by surprise, as many expected from BTC to hold and find a home for $ 5,600 after the initial sale on Wednesday. The sell-off, as you probably know, has decimated over $ 20 billion in value in the cryptocurrency market in general.
So interesting, with this continuing downward trend and rising levels of bearish sentiment, Hayes's bearish forecast was unfortunately met.
He has not finished yet?
However, in a recent installment of BitMEX's Crypto Trader Digest, a newsletter focused on cryptographic events, Hayes, together with the team of internal analysts of BitMEX, asked that bitcoin be reduced, due to a series of historical trends. Interestingly, this call is very different from the original Hayes $ 50,000 BTC call for the end of the year.
As previously reported by Ethereum World News, Hayes told Yahoo Finance that the bearish Bitcoin market could continue until 2019, citing its five-year experience in the Bitcoin and altcoin trade in this emerging market. Following this statement, a few days later, the BitMex executive doubled his opinion that Crypto's next run to the bull is months, if not years away.
He explained that all markets, in all their shapes and sizes, undergo an inversion phase, clearly articulating his belief that BTC, even at $ 6,400 (price at the time of Hayes drafting), was far from finding a fund .
Citing the in-depth analysis of BitMex Research on the historical performance of Bitcoin, Hayes noted that the current downward trend in the cryptocurrency market, which presumably started on 12 March (BTC point fell below its 200 days) MA), it is likely to last at least another 200 days.
Furthermore, it was implied that cryptocurrencies could fall even further, as BTC's "peak to no" (PTT) decline was only disclosed at 67%, compared to the historical decline in PTTs of 87% and 94%.
So, touching on the volatility, Hayes explained that BTC "requires volatility" to reclaim its position as a monster of mainstream cinema, adding that bitcoin price fluctuations are the "best and most transparent way" to express health, performance and the maturation of this sector.
So, seeing that the volatility has declined (except last week), Hayes noted that prices will "slowly drop" to a minimum potential of $ 2000, a "weak spot" in the eyes of the head of BitMEX and its team of analysts.
Although this ultra-bearish sentiment evidently exists, some are not convinced that $ 2,000 is in the Bitcoin cards, as there are still a number of fundamental and technical factors that should support BTC, even in difficult times like these.
Title Image Courtesy of Andre Francois via Unsplash
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