As per the reports, the CEO of BitMEX, Arthur Hayes, told Yahoo Finance that the lack of volatility of Bitcoin (BTC) prices can go up in 2019, or even potentially in 2020 and expects it to go down as low as $2,000. The crypto expert certified the prediction backed by his trading experience. Further suggested that the BTC’s ‘nuclear bear market’ can be repeated as it happened in the year 2014 and 2015.
Accompanying the reports of Yahoo Finance, Hayes and the people who research under him revealed the bearish sentiment, issued an analysis of the of the crypto space in ‘Crypto Trader Digest’ – BitMEX’s edition.
The “Bear Market Blues”, a segment in the reports of analysis of BTC, labelled ‘humans’ as the worst forecasters, apart from this, there’s mention of 2017’s monumental run-up in BTC prices which has seen the movement of the digital asset from $900 to the up to $20,000.
The CEO Hayes further said that the markets including cryptocurrency will go reversal phases. This underlines the belief that BTC is not ready yet to go up or down. Considering the BitMEX Research analysis of the historical performance of BTC prices, the ex-associate of J.P Morgan noted that the present bear trend of the crypto industry began in March when the BTC prices dropped from its 200 days moving average, and likely to last minimum into 2019.
Bitcoin (BTC) Price Volatility
Hayes spoke about the cryptocurrency volatility, which is now an ongoing subject of debates. He said that the choppiness of Bitcoin’s sideways market would consume traders. While speaking against the common sentiments, he explained that there’s a need of volatility for BTC in order to get back in the mainstream.
As per him, in order to show the health, maturation, and performance of the crypto industry, the price of cryptocurrency like BTC is the most transparent as well the best way. However, this is not an unbacked claim as over the months, it is not a secret anymore that various media firms like CNBC, Bloomberg, Forbes, have started back to scale coverage on crypto.
Hayes, referring to this event, called the Bitcoin price volatility a gateway drug into the ecosystem. His words,
“The media writes about things that move; therefore no movement, no coverage… The diehard traders and engineers will always hear about a new asset class or technology in advance of popular media outlet coverage. However, their efforts will only be amplified if many more people discover El Dorado. That requires the lazy mainstream financial press to write”
The Executive, who’s a trader by heart, added that if the BTC volatility shows more downward trends, soon or later the prices will reach $2000, which he calls it his ‘new sweet spot’.