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BitMEX CEO Correctly Predicts $5,000 in Bitcoin Price: Is His $2,000 Forecast Next?

November 17, 2018 at 11:50 by Arathur Stephen

The price of Bitcoin (BTC) has set a new low for 2018 and is now creeping closer to BitMEX CEO Arthur Hayes’ price forecast that the flagship cryptocurrency will bottom to $5,000.

Arthur Hayes Predicted Bitcoin Price to Test $5K Support

Arthur Hayes, an outspoken CEO and co-founder of the Bitcoin Mercantile Exchange (BitMEX) has made a number of predictions concerning the price of BTC since the leading digital coin by market capitalization reached its all-time high of $20,000 in December 2017. The CEO has made a sobering prediction that has received a lot of attention and is about to become a reality, saying that the cryptocurrency will bottom to $5,000.

While many cryptocurrency analysts were skeptical about the price, Bitcoin crashed through its unbreakable and repeatedly tested support level at $6,000, plunging rapidly to $5,500 on Wednesday. On Thursday morning, the price hit a low of $5,250, which is just $250 away from Hayes’ prediction.

Earlier in 2018, the once optimistic CEO had a positive outlook. Hayes made an appearance on CNBC ‘Fast Money,’ and then suggested that the volatile coin could rally to $50,000 before the end of the year,  but that may be a stretch. Hayes, nevertheless, adjusted his predictions as the bear market took its toll on investors by continuously falling prices.

However, crypto promoter and US Presidential candidate, John McAfee is in a different school of thought as he believes that the price of 1 bitcoin will reach anywhere from $250,000 to $1 million. The cybersecurity firm founder was confident in his prediction and as a result, he stated that he will “eat” his genitals if the ambitious prediction fails to materialize.

In contrast, while speaking on CNBC’s Fast Money back in August, the BitMEX CEO told the host, Melissa Lee, that crypto investors are yet to see the worst and that he would like to see BTC test $5,000 to really see “if we put a bottom in”.

Is Hayes’ $2,000 Bitcoin Price Prediction Next?

Whose prediction is correct? While it is impossible to say, for the time being, that, however, is the big question that weighs on the minds of investors and traders alike.  Hayes is not done yet with his goal of giving accurate predictions on Bitcoin’s value.

He has stated recently that $2,000 to $3,000 is his “new sweet spot.” He believes that the ongoing bear market, which is already nearing a year in length, could continue for another year to 18-monthsThe CEO has based his thesis upon Bitcoin’s recent price and its 200-day moving average. The CEO has been quoted as saying:

For those of us who lived through the 2014–2015 bear market, we all await that nasty #@$ candle that breaks the soul of the bulls. Then, and only then, will volatility and the price ratchet higher.

If Thursday’s price drop was not the capitulation event, then the king of cryptocurrencies could be following Hayes’ new forecast of $2,000 to $3,000. If it was, then $50,000 may be next after the bulls take the wheel. At this point, however, only time will tell where Bitcoin’s value will reach or dip to.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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