BitMEX CEO makes new Bitcoin prediction which is already coming true

BitMEX co-founder and CEO, Arthur Hayes, recently announced his new prediction regarding the future of Bitcoin price. His post, called “A look into my trader brain during this time of intense market volatility,” gives a view of Bitcoin, as well as of global markets.

Hot off the press the next issue of the Crypto Trader Digest. A look into my trader brain during this time of intense market volatility. https://t.co/sWmNnvMk25

— Arthur Hayes (@CryptoHayes) March 12, 2020

Hayes noted that the declaration of the global
pandemic by the World Health Organization (WHO), and the return of
macroeconomic volatility, have had a negative impact on the Bitcoin price. Even
so, Bitcoin managed to outperform most other indexes in 2020 so far, he says.

However, he also stated that he expects BTC to
be dragged down as well, alongside global markets, although not as far as many
others have predicted. He expects that the coin is likely to drop somewhere
between $6,000 and $7,000, although he doesn’t believe that the situation will
be so dire as to see BTC sink back down to $3,000.

Bitcoin will surge to $20k by the
end of the year, claims BitMEX CEO

The reason for this, according to Hayes, is that crypto hedge funds are likely to dump their coins into a falling market, which would push the price lower on the margin. At some point, he also predicted that central banks will “cut rates to zero” and proceed to announce open ended quantitive easing.

When this happens, Hayes believes that BTC will surge back up, initially to $10k, and then to $20k as the year approaches its end. It will be a gradual process, according to him, but it will still happen, which is why he recommends buying BTC and stocking up on altcoins, as well.

So far, his predictions came true, as Bitcoin has just crashed to $5,900, then recovered by growing back to $6,700, only to drop again to the current $6,000. Whether it will stabilize here or continue to rise and drop still remains uncertain. However, the coin — as well as most other altcoins — has seen massive drops, often above 20% or even 30%. The question now is whether or not investors should trust someone who benefits from his users’ financial loss, While his predictions of BTC crashing did come true, the rest is still in the air and remains to be seen.