Bitcoin Price Prediction: Is the BTC Price Going Directly to $ 30,000 in June?

The trend in the price of Bitcoin to move in conjunction with technology stocks means that the largest cryptocurrency could fall to $ 30,000 in June, according to Arthur Hayesthe co-founder of the BitMEX cryptocurrency exchange.

Hayes, in a blog post on Monday, also said that the same dynamic could bring Ether to $ 2,500. Tokens were trading at around $ 42,300 and $ 3,180 respectively as of 12:43 pm in Hong Kong. Mr. Hayes said he was buying “crash”-style options that expire in June in both currencies, though he stressed that he was generally “long in cryptocurrencies.”

Expectations of a series of interest rate hikes on the Federal Reserve in the coming months they have recently weighed on crypto and technology stocks, with the Nasdaq 100 index losing 3.6% last week and bitcoin falling briefly below $ 42,000 on Monday. The Fed may have to raise interest rates above 4%, Jan Hatzius, chief economist at Goldman Sachs Group Inc., chief economist Jan Hatzius, said on Friday.

The 90-day correlation of Bitcoin with the Nasdaq 100 is at an all-time high, hurting the attractiveness of the token as a diversification tool. The combination of weaker global growth and less accommodative central banks will affect technological and, by extension, crypto stocks, Hayes said. He acknowledged that his predictions for Bitcoin and Ether are based primarily on “gut feeling.”

Cryptocurrency markets “will drive stocks lower as we head into recession and drive stocks higher as we strive,” he wrote. “Bitcoin and Ether will hit rock bottom long before the Fed acts and changes its policy from strict to soft.”

Mr. Hayes, who is pending sentencing after admitting in February, along with BitMEX co-founder Benjamin Delo, that they did not have a program against money laundering in the bag of cryptocurrencies, has lately been cautious with digital assets.

“As we move toward the end of the year and the first quarter of 2022, I don’t see how we can get out of Bitcoin at $ 69,000 or Ether at $ 5,000,” he wrote on Dec. 10, after both tokens fell sharply in the month. previous. “I can imagine a messy, side-by-side, boring market with small downward volatility attacks followed by a warm recovery.”

This prediction came true premonitorywith bitcoin spending most of the year in its tightest trading range since mid-2020. Long-term holders was a sign that digital assets were about to break out of the routine.

Supporters of the Bitcoin breakup are worried about another false start.

“There are many experts in the market crypto “I think they’re ignoring the awkward truth,” that cryptocurrency prices are currently an indicator of the S&P 500 and the Nasdaq 100, “they believe.” on the basics of being peer-to-peer digital networks. peer, decentralized, censorship-resistant, designed for money transfer. »

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Tomás Estimbre
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