On BitMEX Crypto Trader Digest, BitMEX CEO Arthur Hayes reaffirmed his prediction for , foreseeing the dominant achieving $10,000 in price by the end of 2019.
Previously, in mid-2018, when the sentiment around was still generally optimistic, Hayes that the asset had not found its bottom and is likely to fall below $5,000.
Now, a newsletter sent from the desk of Hayes :
Join CCN for $9.99 per month and get an ad-free version of CCN including discounts for future events and services. Support our journalists today. Click .
Green shoots will begin to appear in early Q4. Free money and collective amnesia are powerful . Also after two years of wage cucking, punters should have a few sheckles to rub together.
The 2019 chop will be intense, but the markets will claw back to $10,000. That is a very significant psychological barrier. It’s a nice round sexy number. $20,000 is the ultimate recovery. However, it took 11 months from $1,000 to $10,000, but less than one month from $10,000 to $20,000 back to $10,000.
Melissa Lee peep this. $10,000 is my number, and I’m stickin’ to it.
At the time of writing, the price just remains above $4,000.
Why $10,000 bitcoin By 2019?
Even before reached its all-time high at $20,000 in late 2017, the $10,000 level was considered a psychological barrier by many analysts.
As soon as broke the $10,000 level for the first time, it experienced an exponential increase in price to an all-time high at $20,000.
Considering the 15-month correction the market has gone through, analysts and industry executives including Hayes do not expect to complete the “ultimate recovery” to $20,000 by the year’s end.
Hayes emphasized that no asset goes up or down in a straight line and that the level of volatility of could remain low throughout the upcoming months.
But, Hayes said that the asset could begin to recover by the year’s end, as it approaches the two-year mark since the beginning of its correction in early 2018.
“All is not lost; nothing goes up or down in a straight line. 2019 will be boring, but green shoots will appear towards year end. The mighty central bank printing presses paused for a while, but economic sophists could not resist the siren call of free money,” Hayes wrote.
An optimistic long-term forecast of by Hayes could be considered a positive indicator of recovery because as Hayes noted in the past, BitMEX does not necessarily need the price of to sustain its revenues.
As a platform with margin options, BitMEX benefits from any kind of volatility and it is of less importance whether drops or rises in price in the short-term.
Various Fundamental Catalysts
In recent months, as by CCN, the daily volume of and the rest of the market has increased substantially, suggesting an overall increase in activity in the market.
1-Year Price Chart With Volume (Source: Coinmarketcap.com)
-focused businesses in the likes of Bakkt have been able to either expand their ventures rapidly or secure large valuations amidst arguably the worst bear market in the history of the market on paper.
On Thursday, according to a report by , ICE’s Bakkt, which is set to launch a futures market by mid-2019, secured a $740 million valuation.
Bakkt securing a $740 million valuation without having opened a futures market shows that investors are confident the volumes of Bakkt, when launched, would be able to generate sufficient revenues.
The network is also approaching a block reward halving in 2020 and historically, has tended to see an increase in price a year before a having occurred.
A decline in the block reward leads to an increase in the price of because it reduces the rate in which new is generated, declining the available supply in the exchange market.
Published at Fri, 22 Mar 2019 14:58:00 +0000
