Arthur Hayes, the CEO from the Bitcoin Mercantile Exchange (BitMEX), earth’s largest derivatives trading platform for bitcoins, recently crafted a statement about Bitcoin and crypto ecosystem. Much like his assessment, Bitcoin prices and trading volume might keep nosediving, together with the current bear market could last another Eighteen months.
Hayes told Yahoo Finance that his view is the factthat the current low volatility environment could persist for an additional pair 12 to 18 months and he is basing the prediction off his previous experience.
It might be noted that Hayes began trading cryptocurrency full-time in 2019 after he left his job being an equities trader at Citibank. Hayes, who may be currently located in Hong Kong, commented that your trading patterns today resemble the “nuclear bear market” he witnessed in 2019.
He added that he started in bitcoin in 2019 as soon as the price went from $250 to $1,300. He further recounted that 2019 to 2019 was a little like the nuclear bear market where both price and volume crashed drastically therefore it was challenging to make money.
Similarly, trading volumes of cryptocurrency market recently nosedived to a new year low adopting the summer slump. Hayes stated that volume may drop more in the coming months. Notably, this is often a jaw-dropping contradiction from the enthusiastic $50,000 year-end bitcoin price target he challenge in June 2019 .
While Hayes posesses a bearish near-term outlook for the cryptocurrency and digital assets market, he’s bullish within the long-term prospects of one’s entire blockchain and crypto industry.
Notably, numerous other market participants agree the industry is currently waggling, but the long-term outlook is pretty bullish. Will Warren, the co-founder of decentralized crypto exchange 0x told Yahoo that your market is blowing off some steam immediately. He added that the market is likely through some healthy consolidation. Nonetheless, he do believe the long-term trend will probably be greater adoption of bitcoin as well as other technologies.
The CEO of blockchain startup Hacera, Jonathan Levi agreed of the fact that price of bitcoin will undoubtedly be in a bear market. However, he added that within the application of bitcoin together with other blockchain projects were in fact within the bull market. He stated that many of the EU banks are actively purchasing blockchain, which originally emanated from bitcoin.
While many inside blockchain and crypto community have been in panic mode covering the market’s current downward movement, cryptocurrency evangelists who may have followed sales since its initiation will not be worried over short-term deviations.