Bitcoin’s may slump to $30,000? Yes. Bitcoin’s tendency to move in tandem with technology stocks means the biggest cryptocurrency may slump to $30,000 by June, according to Arthur Hayes, the co-founder of crypto trading platform BitMEX.
“Our inability to recognise the cyclical nature of all markets leads us to ignore inconvenient truths about the assets we wish into the stratosphere. The inconvenient truth that haunts crypto at this current juncture is that crypto moves in lockstep with the debt-based, un-free risk asset markets like global developed market equities. This is despite all the hard work of Lord Satoshi’s loyal supplicants, who are fighting to create a counter-narrative grounded in technological truth.”
Arthur Hayes on his blog post
The 90-day correlation between Bitcoin and the Nasdaq 100 is at an all-time high, eroding the token’s appeal as a diversification tool. According to Hayes, the combination of slowing global growth and less accommodative central banks will weigh on tech stocks and, by implication, crypto. He admitted that his Bitcoin and Ether projections are mostly based on a “gut feeling.”
Just as we’ve tried to describe this in our previous post, our opinion on bitcoin as an overvalued risk asset and 20k as the price goal for short selling is still consistent.
As there’s no other strong reason to think otherwise. We dont need to post another prediction as we have published it previously. Our last update on bitcoin prediction here: