Bitcoin Price Prediction: $30,000 in June?

According to Arthur Hayes, the co-founder of crypto trading platform BitMEX, Bitcoin’s tendency to move with technology stocks could mean the largest cryptocurrency could drop to $30,000 by June.

According to Arthur Hayes, the co-founder of crypto trading platform BitMEX, Bitcoin’s tendency to move with technology stocks could mean the largest cryptocurrency could drop to $30,000 by June.

Hayes also said in a blog post Monday that the same dynamic could push Ether to $2,500. The tokens traded at around $42,300 and $3,180 respectively in Hong Kong at 12:43 PM. Hayes said he is buying “crash” puts that expire in June on both coins, while pointing out that he is in a “long crypto position” overall.

Expectations for a series of rate hikes by the Federal Reserve in the coming months have weighed on crypto and technology stocks recently, with the Nasdaq 100 Index losing 3.6% last week and Bitcoin briefly dipping below $42,000 on Monday. The Fed may need to raise interest rates above 4%, Goldman Sachs Group Inc. chief economist Jan Hatzius said. Friday.

Bitcoin’s 90-day correlation with the Nasdaq 100 is at an all-time high, undermining the token’s appeal as a diversification tool. The combination of weakening global growth and less accommodative central banks will weigh on technology stocks, and by extension crypto, Hayes said. He acknowledged that his predictions for Bitcoin and Ether are primarily based on a “gut feeling.”

Crypto markets “will lead stocks down as we face the downturn, and stocks higher as we work our way out of it,” he wrote. “Bitcoin and Ether will bottom out before the Fed steps in and changes its policy from tight to loose.”

Hayes, who is awaiting sentencing after he and BitMEX co-founder Benjamin Delo admitted in February that they had failed to establish an anti-money laundering program at the cryptocurrency exchange, has recently taken a cautious stance. comment made on sirbptial assets.

“As we head into the year-end and first quarter of 2022, I don’t see how we can shut down Bitcoin at $69,000 or Ether at $5,000,” he wrote on Dec. 10, following a sharp drop in both tokens in the preceding month. “However, I can envision a muddled, sideways, dull market with small bouts of downward volatility followed by a tepid recovery.”

That forecast proved prescient, with Bitcoin spending sitting in its tightest trading range since mid-2020 for most of this year. While crypto has mostly moved sideways, bulls have pointed to longer-term accumulation by holders as a sign that sirbptial assets were poised to break out of the rut.

Bitcoin Outbreak Makes Proponents Wary of Another Fake Out

“There are many experts in the crypto market who believe the worst is over,” Hayes wrote in his latest post. “I believe they are ignoring the inconvenient truth” that crypto prices are currently an indicator for the S&P 500 and Nasdaq 100, “and not trading on peer-to-peer, decentralized, censorship-resistant sirbptial networks designed for the transfer of money. ”

Arun Agarwal
I am Arun Agarwal, a passionate blogger and gamer. I love to share my thoughts on games and technology through blog posts. I’m also an avid reader of books about history, philosophy, science-fiction, and other genres as well as an anime fan. I like reading books that give me new perspectives or help me think differently about the world around us.