BitMex Boss Predicts Further Drop In Bitcoin's Value
Some experts are not sure if the groundbreaking crypto will keep dropping in the coming months.
Arthur Hayes Returns With Another Bitcoin Assessment
BitMex boss Arthur Hayes has stated that bitcoin's price alongside its trading volume might keep dropping. According to Hayes, the present bear market might not last for more than 18 months. BitMex is a leading bitcoin derivatives trading firm.
Speaking to Yahoo Finance, Hayes said that his assessment is driven by past experience. He has been in the crypto sector for the last five years after being let go by Citibank. He joined the sector as a trader. Hayes said that a look at the current pattern is similar to the bear market witnessed in 2014.
In the past month, bitcoin trading volumes hit their lowest this year. Hayes believes that the trend might keep recurring for the next few months. The current assessment by Hayes goes contrary to what he predicted back in June. He stated by the end of 2018, bitcoin will be trading at $50,000.
During his June prediction, Hayes said that the $50,000 mark will be attained in the simple event that we have positive regulation. However, upon taking a look at bitcoin’s current market performance, the target is probably not achievable.
On the long-term fundamentals, Hayes has remained bullish stating that the sector is headed for a bright future. His view is backed by other market players who agree that currently, we may have a drop but the future will improve.
According to Will Warren from Ox, the market is stabilizing at the moment. Warren believes that the market is undergoing healthy consolidation but in the long term, widespread adoption of cryptos will be made possible.
A similar sentiment has been shared by Jonathan Levi, the head of Hacera, a crypto startup. He said that bitcoin's value is currently in a bear market and it will rally in the event we have a rollout of bitcoin and other blockchain products. He pointed out that a number of banks from the EU are investing in technology that is backed by blockchain.
There is no doubt that the current market plunge has resulted in some panic. However, crypto lovers who have been around from the start are still optimistic terming the current plunge as short term.
Wences Casares, an entrepreneur in the tech world thinks that at the moment, nobody can tell if bitcoin will be a success. He said that we need decades to come to this conclusion.