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Home Cryptocurrency news

BitMEX CEO Accurately Called $5,000 Bitcoin in August, Is $2,000 Next?

Tony Spilotro by Tony Spilotro
2 years ago
in Cryptocurrency news, Bitcoin
Reading Time: 3min read
BitMEX
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Bitcoin has set a new low for 2018, and is now inching closer and closer to BitMEX CEO Arthur Hayes’ prediction that Bitcoin will reach $5,000.

BitMEX CEO Called for Bitcoin to Test $5K Support, Nails Prediction

Outspoken CEO and co-founder of popular margin-trading platform BitMEX has made a number of predictions about Bitcoin’s price since the leading cryptocurrency by market cap reached its all-time high of $20,000 last December.

One of his most recent predictions, calling for Bitcoin to hit $5,000, is about to become a reality.

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While many cryptocurrency analysts had been calling for a bottom, Bitcoin finally fell through its seemingly unbreakable and repeatedly tested support at $6,000, quickly plummeting to $5,500 yesterday, and hitting a low of $5,250 earlier this morning – a mere $250 away from Hayes’ prediction.

Hayes started the year with a far more positive outlook on Bitcoin, suggesting that the volatile asset could reach $50,000 by the end of 2018.

Considering Bitcoin’s parabolic rise from $5,000 to $20,000 in around a month’s time, exuberant predictions were the norm and at the time seemed very possible. However, as the bear market took its toll on investors scorn by continuously falling prices, Hayes adjusted his predictions. Others, such as Tim Draper or cybersecurity firm founder John McAfee are calling for as much as $250,000 and even $1 million per Bitcoin.

McAfee was so confident in the prediction he offered to “eat” his genitals if the lofty prediction didn’t come true.

Back in August, the BitMEX CEO, while speaking on CNBC’s Fast Money, told host Melissa Lee that cryptocurrency investors haven’t “seen the worst” yet and that he would “like to see” Bitcoin “test 5,000 to really see if we put a bottom in.”

Hayes made the comments after Bitcoin briefly touched below $6,000 in late June, and began to rally before being stopped at roughly $8,250. Hayes had suggested at the time that if the rally had passed $10,000, his prediction of $50,000 was still feasible, but if the rally couldn’t break the psychological resistance at $10,000, then a test of $5,000 would be in the cards. He was right.

Related Reading: Bitcoin Break to $5,600 is Good For Crypto, Says Major Investor

Is Arthur Hayes’ New Prediction the Next Stop for Bitcoin?

Hayes isn’t done with his goal of accurately predicting the bottom in Bitcoin, and is now calling $2,000 to $3,000 his “new sweet spot.” He also thinks that the ongoing bear market, which is already nearing a year in length, could last another year to 18-months.

Hayes has based his assessments on Bitcoin’s price and its relation to the 200-day moving average. Having “lived through the 2014-2015 bear market,” Hayes has also been waiting for a “nasty #@$ candle that breaks the soul of the bulls” – a candle which most bulls are hoping occurred yesterday, and isn’t looming on the horizon.

Market bottoms are usually identified by a V-shaped capitulation event, which many have claimed has yet to happen in what appeared to be Bitcoin’s bottom at the time.

If yesterday’s drop wasn’t the capitulation event, then Bitcoin may be following Hayes’ new prediction of $2,000 to $3,000. If it was, $50,000 could be next after the bulls regain control.

Featured image from Shutterstock.
Tags: Arthur HayesbitcoinBitMEXpredictionprice prediction
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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