Arthur Hayes believe that the decline in traditional stock markets will worsen and that Bitcoin could also test the support of $ 3,000.
Although the crisis linked to covid-19 made the financial markets tremble all around the planet in March, prices seem to start rising again this month. However, for the CEO-founder of the Seychellois cryptocurrency exchange BitMEX, Arthur Hayes, the purge is not finished.
The price [de Bitcoin] could he retest $ 3000, absolutely. As the SP500 moves, 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, "he wrote in a newsletter.
In March, on futures markets like BitMEX and Binance, Bitcoin had fallen under $ 3600 while its price has remained above $ 4,000 in the spot markets.
Recent announcements from governments and central banks in Europe and the United States seem to have reassured investors. The SP500 is up about 18% from its low point in March. In France, the CAC40 is up more than 20% this month. The United States and most European countries are still as strongly affected by the virus which paralyzes the whole economy.
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Hayes nevertheless retains its optimistic forecast in the longer term with a Bitcoin at $ 20,000 by the end of this year.
With the central bank printing presses running at full speed, Bitcoin is expected to benefit from a nice jump from $ 10,000 to $ 20,000 by the end of the year. Each central bank will cut rates to zero and announce an indefinite quantitative easing, ”he said in March.
The founder of the market place of Darknet Silk Road, Ross Ulbricht, also think that the bitcoin price could, in the short term, touch the $ 3,200.
The Ⓐ wave brought prices down to $ 3,200 and the Ⓑ wave brought them down to almost $ 14,000. The Ⓒ wave should bring them to new lows below $ 3,200, ”he wrote in a" wave "based analysis.
End of March, HDR Global, the company that owns BitMEX, has completed a $ 3 million financing round for the Indian platform CoinDCX.
Read also : BitMex cryptocurrency sued by two investors
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