BitMEX CEO: Bitcoin price will not rise in the short term, it will hover between 6000 and 7000 US dollars

Just now, Arthur Hayes, CEO and co-founder of BitMEX, announced his latest predictions for the price of Bitcoin. His latest Trader's Digest mainly explains "how Hayes thinks as a trader when the market is volatile," and also explains his views on the current global market and, of course, Bitcoin.

BitMEX CEO: Bitcoin price will not rise in the short term, it will struggle at $ 6,000 to $ 7,000 (Image source: Pixabay)

Bitcoin must fall before it can rise?

Considering concerns about the global popularity of the new crown and macroeconomic fluctuations, Hayes pointed out that even if the price of bitcoin is at the current low level, it will outperform most indexes in 2020. However, he believes that Bitcoin will fall with the global market, and of course the decline will not be as severe as some commentators think.

Although I don't think the price of the coin will return to $ 3,000, it may struggle between $ 6,000 and $ 7,000.

He explained that those illiquid cryptocurrency hedge funds will "sell more cryptocurrencies to falling markets", which "will further push down the marginal price of Bitcoin."

Central bank lowers interest rates and accelerates banknote printing

However, he expects that central banks will "cut interest rates to zero and announce the implementation of an open quantitative easing policy" at some point in the future.

He believes that although the price of the currency is unlikely to rise immediately, by the end of this year, the price of bitcoin will rise to US $ 10,000, or even US $ 20,000.

When the futures base is flat or negative, this "will mark the gradual disappearance of optimism among traders in the market" and signifies the possibility of huge price fluctuations. Hayes recommends that you first guarantee a certain cash flow before you hoard Bitcoin.

Would you trust Hayes' judgment?

Of course, whether you believe the market advice of someone who can make money in a bear market is another matter. Encourage you to trade on BitMEX, and then watch your position be erased a little bit, which of course is in his vested interest.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

The compliance exchange is about to appear in Singapore?

On December 18, 2019, the official website of the Monetary Authority of Singapore (hereinafter referred to as "M...

Blockchain

Run, clear the sea? This question for the exchange is too difficult

Text | Qin Xiaofeng Production | Odaily Planet Daily The market turned cold, and the exchange changed from a once env...

Blockchain

Babbitt Column | Blockchain industry to land, these areas still need to be greatly improved

I. Status Although each of us hopes that the blockchain can land as early as possible, and from the daily news, it se...

Blockchain

Blockchain data analysis lets you see the counterparties

By analyzing the blockchain data set, we will have a better and clearer understanding of cryptocurrencies. (Image sou...

Blockchain

New rules for persuading withdrawals or selling shells for revenue? OSL reportedly withdraws from the Hong Kong Web3 "gold rush".

Author: Blocking, Climber On July 5th, Tencent News' "Qianwang" reported that OSL, a compliant virtual asset trading ...

Blockchain

Full text of South Korea's first independent "Encryption Act": Insider trading carries a maximum sentence of life imprisonment.

On June 30, 2023, the South Korean National Assembly's Political Affairs Committee passed the country's first legisla...