Arthur Hayes Said Bitcoin Will Retest $3000 before $20,000

235

Arthur Hayes, CEO, BitMex, Misemer trader named as ‘ Crypto Capo ‘ both anticipated the Bitcoin (BTC) price to drop to the $3,000 in early 2020.

In a near time ahead both are supposed to reanalyze the $ 3,000 region once again. On April 9th, 2020, in BitMex Crypto Trade Digest Newsletter, Hayes said that all asset classes could get Spit Up as the US stock market looks on another leg down, to make Bitcoin price correct.

Seeing $3600 drop on 12 March, Crypto Capo foresees a fall to the low $3,000s. Ahead again he predicted that Bitcoin is likely to drop between the $2,100 to $3000 range.

Arthur Hayes Said Bitcoin Will Retest $3000 before $20,000 1

Arthur Hayes Believes Stock Will Dive and Bitcoin Will Follow

In other words, Hayes accepted that the US  money market will Concede after an apparently Solid rebound that began in late March. Latest $2 Trillion Senate Stimulus Package arranged by the Federal Reserve Aims to come out from Market Crash like 2008 and it shows ‘ Craving ‘ for stocks in recent weeks.

History suggests that among economic uncertainty, the US stock market is going to see many major Deviations. Time for the US and Europe is very hard and panic, crucial conditions are there for all of them, corona influencing lives terrifically.

Overall break on industrial progress. European every economy Materialize to be in the free fall class assets to make large corrections. Hayes explained:

“Bitcoin will be owned unlevered. Could the price retest $3,000, absolutely. As the SPX rolls over and tests 2,000 expect all asset classes to puke again. As violent as the Q1 collapse in asset values was, we have almost 100 years of imbalances to unwind the ancien regime.”

A report on 12 March, Bitcoin price cracked to $3600, especially on futures exchanges BitMex, OKEx, and Binance futures while spot markets remained above $4,000.

Why Arthur Hayes Forecasts BTC  will still end 2020 at $20,000

Day by day the number of Corona cases is increasing in the US  and European conditions are very critical. Even for an to find out a vaccine for virus 12-18 months are required a statement by high profile Scientist Dr.Anthony Fauci.

While many pharma companies are hopeful that they are confident to manufacture vaccines within 8 months. Hydroxychloroquine looks useful for corona patients which is a regular drug for malaria treatment but for the time being a cure-all has yet to be found.

Europe and U S foresee development containing Coronavirus and effective treatments appear, the stock market is willing to respond strongly, it may lead to an increased demand for Bitcoin and other Crypto currencies as well.

By the end of the year Hayes still hopeful that Bitcoin will reach $ 20,000 This aligns with the tendency of the Bitcoin price to surge 10 to 11 months after the block reward halving takes place. He added:

As central bank printing presses switch into beast mode, Bitcoin should enjoy a nice run back through $10,000 towards $20,000 by year end. Each central bank will cut rates to zero and announce open ended quantitative easing. But initially just like in 2008 and 2009, what seems like a no-brainer – central bank prints and risk assets like Gold and Bitcoin appreciate – will not transpire.