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Bitcoin Price Can Hit $6K Then Rise to $20K in 2020 Crisis, Says BitMEX CEO.
Arthur Hayes called it right on the money, that Bitcoin (BTC) will likely hit lower levels of up to $6,000 but will avoid bigger losses.
In the latest edition of the exchange’s Crypto Digest on March 12, Arthur Hayes joined other trading sources warning that the BTC price was not safe from current market turmoil.
On Twitter, he described it as “a look into my trader brain during this time of intense market volatility.”
In the short term, Hayes thinks that BTC/USD is headed to a maximum floor of $6,000 as coronavirus panic takes its toll on sentiment.
The situation will be compounded by hedge funds selling coins into an already downward-facing market due to distress calls from traders.
Hayes still believes in the cryptocurrency’s status as a safe-haven asset and added that $20,000 is a possible target for a bounce before the end of 2020.
2020 Gains Wiped as Bitcoin Crashes below $5,600 Bitcoin crashed within minutes to erase all the gains it made heading into the year 2020.
The benchmark cryptocurrency plunged to $5,578 on Coinbase for the first time since May 2019.
The move downhill led its market cap down by about 30 percent to $117 billion, logging one of the biggest declines ever recorded since its inception in 2009.
At BTC’s intraday high, the valuation was $134.7 billion. The latest data revealed that the plunge came shortly after the derivatives platform BitMEX liquidated $680 million worth of XBT/USD long positions.
The spillover led traders on all the crypto exchanges to panic-sell their spot positions, with data portal CryptoCompare showing the average execution of 11,000 trades every second.
The panic was the same elsewhere in the cryptocurrency market. BTC’s 30-minute meltdown led its rival altcoins to erase up to $23 billion off the overall market, with the second-largest Ethereum tanking 30 percent.
Follow up tokens, including Ripple’s XRP, Bitcoin Cash’s BCH, and Bitcoin SV’s BSV too fell in the range of 29 to 32 percent.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.