Bitcoin will smash the $10,000 mark by the end of the year, according to Arthur Hayes, Co-founder and CEO, BitMEX.
In the BitMEX Crypto Trader Digest, dated 22nd March, he says: “The first quarter of 2019 witnessed depressed volumes, volatility, and price. The local lows of late 2018 have not been retested; however the market chop makes me feel like I’m at the Saudi embassy.”
The repair of crypto investors’ balance sheets is not done yet, he adds. “Losses must be digested, and the unlucky masses must wage cuck a bit longer to get back in the game.”
Green shoots will appear towards year end. “The mighty central bank printing presses paused for a while, but economic sophists could not resist the siren call of free money. They are busy inventing the academic crutches (here’s looking at you MMT), to justify the next global money printing orgy.”
Hayes can’t resist a dig at Ripple, noting that it is still worth more than zero. And Justin Sun and TRON and Binance boss CZ are also in the firing line, their prominent positions “telling us there are those still willing to eat shitcoins with a smile”.
“The 2019 chop will be intense, but the markets will claw back to $10,000. That is a very significant psychological barrier. It’s a nice round sexy number. $20,000 is the ultimate recovery. However, it took 11 months from $1,000 to $10,000, but less than one month from $10,000 to $20,000 back to $10,000,” Hayes concludes.
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