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Bitcoin [BTC] to $50k; Time between bear market and bull market will shorten: Says BitMEX CEO

Laira Rebecca

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Bitcoin [BTC] to $50k; Time between bear market and bull market will shorten: Says BitMEX CEO
Source: Pixabay

Arthur Hayes, the CEO, and Co-Founder of the cryptocurrency exchange platform Bitmex was present at the CNBC’s Fast Money show on 29th June. On May 14th, the former Citi group trader, had predicted that Bitcoin [BTC] will rise up to $50k by the end of the year and he continues to stick to his prediction even now.

He mentioned that:

“If BTC can go up to 20k in one year, then the price hike is just one step away from a positive verdict by the SEC.”

Jeff Goodman, a Twitterati says:

“Why did Citigroup let him go ? #fantasyland LMAO All these bitcoin firms popping up like popcorn everywhere. They will all pop away soon once bitcoin dropsand is no longer trading. #REALLYREALLY

A cryptocurrency enthusiast says:

“50 K is not realistic at all. May be 20 if companies keep developing a good usage of the tokens. We need to promote more crypto so the masses drive the price up. It’s not magic is demand”

Further, he was asked about the status of the trade volume of BitMEX during the bearish market. Arthur mentioned that the exchange has tripled what they have done already in 2017, and they are having a great year now. He continued to say that BitMEX also offers 100x leverage to all the clients.

The panel also discussed the market volatility. According to Arthur, the volatility has dropped as the price dropped which is actually an issue. As the volatility is reducing, the chance of BTC reaching a high number is also diminishing.

Considering the history of BTC in the year 2017, when it went up to $20k, the time span between an aggressive bear market and an aggressive bull market will shorten. It is also being noticed that the number of investors involved in the market to trade this asset class has also increased this year, says Arthur.

When asked about SEC’s verdict on Ethereum [ETH] is not a deemed security, he says:

“ETF brings real money to the table then and there. As and when the primary leaders have to go and get inventory. There will be subscriptions for real money to buy the asset. The SEC proclaiming, that ETH is now a utility token and is not a security doesn’t actually mean any money is going to enter the market. It just means people who hold ETH will feel better about that decision.”

Adam Davis, a cryptocurrency investor says:

“Amazing to think it’ll be considered “underperforming” even it drops to $3K…which will still be more than double the price of gold (1 ounce).”

Edgar Soares, Senior Architect at Arquitecto.pt and a cryptocurrency trader says:

“Seems like @CryptoHayes is doing God’s work. Bless you brotha”

Rafi Kasim, an entrepreneur commented:

“Speculating news towards next financial crisis..”

YuLaw, a day trader says:

‏”They’re hyping up a return to bull market to sucker in people to buy so that there is liquidity when they start selling. BTC will continue to crash down to 2k level.”



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Laira is a full-time writer at AMBCrypto. She is a Computer Science graduate and she has about 1-year experience in writing. Her enthusiasm and keen interest in developing her knowledge about blockchain and cryptocurrency led her to be a part of AMBCrypto. She currently does not hold any value in cryptocurrency or its projects.

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