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Arthur Hayes still bullish on the price of bitcoin
Arthur Hayes still bullish on the price of bitcoin
Bitcoin

Arthur Hayes still bullish on the price of bitcoin

By Marco Cavicchioli - 12 Mar 2020

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In the latest Crypto Trader Digest newsletter, co-founder and CEO of BitMEX, Arthur Hayes, has argued that the price of bitcoin will rise above $10,000 by the end of the year, perhaps up to the previous high of about $20,000 recorded in December 2017, though this may not happen anytime soon.

His analysis as a trader focuses on the current period of intense crypto market volatility and can be summarized in the phrase “you gotta go down to go up”, referring precisely to the bitcoin price.

“While I don’t believe we will revisit $3,000, max pain probably resides somewhere between $6,000 to $7,000 Bitcoin. Any crypto hedge fund that allows quarterly or less liquidity will be getting distress calls. They will be dumping coins into a falling market. That will push the price lower on the margin”.

Hayes also adds:

“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”. 

Finally, Hayes suggests “buying crypto with both hands“, to fill your wallet first with bitcoin and then other cryptocurrencies, because even XRP could benefit. 

Finally, the newsletter concludes like this:

“Long live volatility, and stay healthy”.

After all, without volatility bitcoin would not be an interesting speculative asset, but for holders this often produces very strong negative emotions. 

Hayes invites them not to worry too much about volatility, and to focus only on the long-term trend, leaving the concerns about volatility to traders like him, who ultimately appreciate it. 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 25 thousand subscribers.

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