Former BitMEX CEO Arthur Hayes has forecast a $30,000 price drop for Bitcoin (BTC) and $2,500 for Ethereum (ETH) by the end of June this year, coinciding with his call for a crypto bloodbath that is already beginning in the second quarter.
Hayes is a seasoned crypto investor whose expertise is evident in the BitMEX derivatives market, which he co-founded. While Hayes considers himself a long-term crypto trader, he feels that the values of BTC, ETH, and other crypto have risen so high in recent weeks that a reversal is on the horizon.
Bitcoin and Nasdaq
According to Hayes, the significant link between Bitcoin and the Nasdaq 100, an indicator of major tech firms in the United States, is sufficient evidence of the leading coin’s approaching turnaround.
With the impacts of the coronavirus dissipating across the board, Hayes argues that the Fed’s decision to raise interest rates as a means of combating inflation would have a huge adverse impact on digital assets.
The conflict in Ukraine is also a huge adverse element that will eventually affect stock prices and, by extension, cryptocurrency prices. Hayes is positive in the long run but prefers to acquire inexpensive cryptocurrencies that have solid long-term growth potential.
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