Arthur Hayes: “BTC will fall to $30,000 by the end of the year”

Former CEO of the BitMEX exchange Arthur Hayes believes that the cryptocurrency market is headed for a fall. He stated that by the end of thisthe price of bitcoin will drop to $30,000 and ether to $2,500.

Hayes wrote on his blog that he relies more on intuition than technical analysis when making his forecasts.

There is no special science behind these figures, it is ratherintuition. Worst of all, I have already started buying certain altcoins, as the prices are extremely attractive. And while many of them are down 75% from their all-time highs, I don't think altcoins will be able to avoid the coming downfall. I will start buying Bitcoin and Ethereum after the fall in June 2022.

Hayes noted that this forecast may very well turn out to be incorrect. However, the increased correlation between the cryptocurrency and traditional markets hints at just such an outcome. 

Many believe that the worst is over.I think they are ignoring the inconvenient truth that crypto markets are highly correlated with traditional markets right now. Trading goes regardless of fundamental factors. What the market fails to consider is that blockchains—peer-to-peer, decentralized, and censorship-resistant digital networks—are designed to transfer money and more.

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