Arthur Hayes: Bitcoin Will Drop For Another 18 Months
Arthur Hayes, the head of the Bitmex crypto exchange, expressed the opinion that the bitcoin rate is not going to grow soon. He believes that the first cryptocurrency will be prone to the corrective rally for another year and a half, Yahoo Finance reports.
According to Hayes, the volatility in the crypto market can make the downward trend of bitcoin last from a year to 18 months. In these conclusions he relies on his own experience — Hayes started working with the token back in 2013 when its price significantly increased from $250 to $1300. After that surge, the course and trading volume collapsed and made the trading very difficult, the crypto enthusiast recalls.
Comparing to December 2017, the price of bitcoin dropped more than threefold from the all-time high of $20,000. Since September 2018, the cryptocurrency rate has remained relatively stable at around $6400. However, if the downtrend continues, the current year will be the worst year for bitcoin by percentage decline.
Hayes insists that the situation with bitcoin can get worse — in the near future, the cryptocurrency may be traded even less than today. The recent study found out that the bitcoin trading volume, however, does not depend on the season.
Still, other industry representatives predict a more positive scenario for the first cryptocurrency. Will Warren, the co-founder of the 0x exchange, believes that the market is undergoing some recovery, but bitcoin and similar technologies will get mass adoption later.
Previously, a poll showed that by the end of 2018, the crypto community expects bitcoin to surge to $10,000. However, users don’t believe that bitcoin will succeed to beat the last year’s record again.