BitMEX CEO warned Bitcoin price "completely" could drop to $ 3,000

In 2019, there will be big ICO projects.

Arthur Hayes - CEO of BitMEX, and an anonymous trader named 'Crypto Capo' both predict Bitcoin (BTC) price will soon drop to $ 3,000 by 2020. In the near future, both expect Bitcoin to test. $ 3,000 again.

In the latest episode of Crypto Trader Digest BitMEX on April 9, 2020, Arthur Hayes said when the US stock market saw another slump, all assets could drop, and Bitcoin was no exception.

Before Bitcoin dropped to $ 3,600 on March 12, "Crypto Capo" predicted the price would drop to as low as $ 3,000. This week, Crypto Capo once again predicted BTC will likely be pushed back to the range of $ 2,100 to 3,000 USD.

Hayes believes stocks will plummet and Bitcoin will follow suit

In the short term, Hayes predicts that the US stock market will pullback, after a strong rogue recovery began in late March.

The US Federal Reserve's recent $ 2 trillion stimulus package aims to prevent another market crash like it did in 2008, and this seems to have restored the appetite for stocks in the U.S. recent week.

However, historical data shows that in the context of economic chaos, the US stock market often tends to witness large fakeout sessions.

The hypothesis that with the prevention of the coronavirus pandemic in the US and Europe has not really worked, global production has stalled, and major European economies have fallen free, risky assets As high as stocks and Bitcoin are prone to major adjustments.

Hayes explained:

“Bitcoin will be owned without loans. The price can completely retest $ 3,000. When SPX extends and tests 2,000, all asset types will decrease again. ”

On March 12, the Bitcoin price dropped to $ 3,600, mostly on futures exchanges like BitMEX, OKEx and Binance Futures, while the spot markets remained above $ 4,000.

Whether BTC re-tests the recent low of $ 3,600 or consolidates in the support range of $ 4,500 to $ 4,800, yet another intense press release could be triggered by the US stock market, thereby pushing BTC to a lower bottom. .

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

Most countries, especially the United States and Europe, are in a state of panic as the number of coronavirus cases continues to increase daily.

While senior scientists like Dr. Anthony Fauci have said it will take 12 to 18 months to produce the vaccine, some pharmaceutical giants claim that they are still optimistic about the vaccine production. Please within the next 8 months.

Alternative drugs, such as hydroxychloroquine, a treatment for malaria, have been shown to be effective in treating some patients with coronavirus infection, but there is currently no cure available.

As the United States and Europe see progress in curbing coronavirus and effective treatments starting to emerge, the stock market will likely show a strong reaction, which could lead to to an increase in demand for Bitcoin and other cryptocurrencies.

Before the end of 2020, Hayes still believes that Bitcoin will reach 20,000 USD. This is in line with the trend of Bitcoin price to increase in 10 to 11 months after halving.

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According to CoinTelegraph
Translated by ToiYeuBitcoin