The prices of BTC, as well as the trading volume, may continue to plummet, and the bear market seems like it could be around for a while. This is the sobering assessment of the CEO of BitMEX, Arthur Hayes.
Bitcoin (BTC) Price Today – BTC / USD
“My view is the volatility environment that exists right now could persist for another 12 to 18 months, the flatness. I’m just basing it off my previous experience.”
The CEO started to trade crypto in 2013 on a full-time basis after he lost his job working as an equities trader. Hayes said the trading patterns are similar to the nuclear bear market of 2014.
“I started in bitcoin in 2013, when the price went from $250 to $1,300”. “And then 2014 to 2015 was sort of the nuclear bear market. Price crashed volume crashed — very, very difficult to make money.”
BTC to reach $50,000 BTC in June
Crypto trading volumes recently dipped to a New Year low after the summer slump. Hayes says volumes could drop in a few months.
“We think trading volumes could fall further from where they are now,”
Currently, BTC price is just a positive regulatory decision away from peaking past $20,000 and even reaching $50,000 by December this year. This position doesn’t appear realistic considering the market conditions.
Hayes is Bullish about the long-term prospects of the industry
Hayes may be bearish for the short term, but his outlook on the long-term is bullish. Different market participants have agreed that the industry is flailing. However, the long-term outlook still remains bullish.
Will Warren, Co-founder of 0x, a decentralized crypto exchange told Yahoo,
“The market is blowing off some steam right now. The market is probably going through some healthy consolidation, but I do believe the long-term trend will be greater adoption of bitcoin and similar technologies.”
Other experts believe the slump in price is temporary.
CEO of Blockchain startup, Hacera, Jonathan Levi, agrees with this as he says,
“The price of bitcoin is undoubtedly in a bear market, but in the application of bitcoin and other blockchain projects we are in fact in a bull market,” he continued “Most of the EU banks are actively investing in the blockchain, and that all originally stems from bitcoin.”
A lot of people in the crypto community are panicking over the downswing in the market, but crypto evangelists who have studied the market since it started are not shaken by the recent turn of events.
Wences Casares, tech entrepreneur who founded Xapo, a bitcoin wallet, says it will take more than a decade to be certain about whether bitcoin is successful.
He stated that it is possible that cryptocurrency may fail, but it is unlikely. He said,
“At this point, the chances of success are better than the chances of failure,”