It would appear that crypto bears have begun to lose ground. Enthusiasts wondering “will crypto ever recover” can now rest assured seeing these improvements. It seems the extended 2018 bearish trend is gradually making way for a period of stability and possibly the initiation of a bull run in the future. At least those were the thoughts of Arthur Hayes, the CEO of BitMEX speaking in his “Crypto Trader Digest.”
The BitMEX CEO is notorious for his controversial opinions regarding price predictions in the crypto sector. On a number of occasions, his opinions have gone against the sentiments of the crypto community. However, time has proven Hayes to be right, which shows that as an investor, the crypto bull knows when to be short or long without allowing his feelings to impact his judgment.
Bitcoin (BTC) Price Today – BTC / USD
Hayes: The Worst is Over in the Crypto Space, BTC is Heading Towards Better Days
In past occasions after predicting a drop in the price of Bitcoin (BTC), Hayes appears to have joined the section of individuals who have declared that the Crypto Winter is indeed over. Hayes in the publication, remarks that even though it isn’t yet possible to call a bull run, there are signs pointing toward small growth before the end of 2019. Here’s what he had to say:
“All isn’t lost; nothing really moves up or down in a straight line. This year may be boring for crypto, but we should expect green shoots towards year-end.”
The current market trends show that it had already surpassed the crucial levels of 2018 when the bearish atmosphere was in full swing. This behavior, along with growing enthusiasm relating to altcoin trading may actually result in a stimulus which protects the Bitcoin (BTC) price from retesting the support positions from 2018.
Hayes Says Market Sentiment Would Make it Difficult to Get Out of the Current Period of Stability
Hayes remains optimistic about market stability. He believes that as a result of the same market sentiment, it would actually be difficult to get out of the “boring” period of stability quickly. However, after surpassing the 10k mark, the next level which is 20k would be easier to achieve. Hayes added:
“The 2019 chop is going to be intense. Although the market will reach $10,000 again. That is a significant psychological barrier. It is a nice number. On the other hand, $20,000 remains the ultimate recovery. It took 11 months to get to $10,000 from $1,000, but less than a month to get to $20,000 from $10,000 and back to $20,000. $10,000 is the number, and I’m stickin’ to it.”
Is the Altcoin Season Here?
There’s another interesting comment relating to the situation of altcoins. This was obvious when it was discovered that Hayes shares the opinion of crypto analysts like Mati Greenspan. Greenspan and a host of others remain confident that the crypto market is beginning to react positively to trading in recent months, which is why Hayes is also optimistic that the Altcoin season is actually here.
Whether the views expressed by Greenspan and Hayes are feasible remains to be seen, but one positive here is the fact that the market trajectory is indeed changing. Only time will tell whether these predictions will come true or not. There are many months before year end. So we can wait and see what happens.
Will crypto ever recover?