Arthur Hayes states that his initial estimate for BTC and ETH final figures was wrong. He says altcoin projects have more pain to endure. Here are the details…
BitMex founder predicts bottom for Bitcoin and altcoin market
In his latest Medium post, BitMex founder Arthur Hayes commented more on the crypto market. This time around, bottoms for Bitcoin and Ethereum look more pessimistic than he had anticipated. According to Hayes, the next 6 to 12 months will be dire for the crypto market. First off, a crypto winter has long been expected to hit the market. Now it looks like it has already started. According to Hayes, prices will fall by unprecedented margins.
Arthur seems even more pessimistic about certain tokens he feels have no real value or utility. Such coins are called “shitcoins” in the cryptocurrency space. Sure, some altcoins offer good value and utility. However, there are also projects that try to create unnecessary excitement just to increase the price. Shitcoins mostly consist of such projects. According to Arthur, these are going to the bottom.
predicts 50 percent drop
According to Hayes, most of these useless coins have already lost over 90 percent. Still, they are destined to lose another 50 percent of their value in the next 6-12 months as the crypto winter hardens. He attributes a large part of this reason to the Fed’s move to raise interest rates. Fed officials announced a 75 basis point (0.75 percent) rate increase, which will take effect by June 30. According to Hayes, in the next 5-6 days, cryptos, especially these shitcoins, will drop by significant margins. Hayes uses the following phrases:
June 30 to July 5 will be a wild ride down. By June 30, the Fed will begin to shrink its balance sheet by increasing interest rates by 75 basis points. It falls on Monday, July 4th. vacation in the USA. This is the perfect setup for another mega crypto drop.
Hayes says his previous estimates were wrong
Arthur admits previous BTC and ETH analysis was wrong is doing. As Cryptokoin.com reported, he thought that Bitcoin would hit the bottom around $25,000. He predicted that ETH would be around $1,500. The expert used the following statements:
My Bitcoin bottom estimates between $25,000 and $27,000 and Ethereum between $1,700 and $1,800 were shattered.
A quick glance at current prices puts their forecast on the wrong side of the market. Currently, BTC is worth around $21,000, while ETH is worth $1,100. Analysts believe that these prices could drop further if the $20,000 support is broken.
