The past few weeks have been great for the most dominant coin, and the latest Bitcoin price news show that a bullish momentum is officially in. However, the past month saw many horrors – the biggest of which was the drop on March 12, when Bitcoin slid 50% and much more. However, the prominent analyst and BitMEX CEO doubles down again, coming to the conclusion that the stars are finally aligning for BTC and the overall market.
We are talking about the head of BitMEX, Arthur Hayes, who has been vocal when it comes to Bitcoin price predictions in 2020. On the even on the brutal crash which made BTC worth around 50% less than what it was, Hayes released the March edition of the “Crypto Trader Digest” newsletter that he sends out.
In the newsletter, the BitMEX CEO doubles down on Bitcoin and says that the world was simply facing a “global margin call” which Bitcoin would not escape from. Funny enough, he was proven correct when the cryptocurrency fell off a cliff, failing as the global markets underperformed.
Now, the BitMEX CEO doubles down with another prediction – in the April edition of the newsletter, he said that while the most dominant coin has the potential to retest the $3,000 levels – the lighting Bitcoin which we are seeing now is on a good way to a “year-end price target at $20,000.” At the current price of Bitcoin (BTC), a move like this would result in a 180% increase.
As to the actual reasons why Hayes a scenario like this is coming, he said:
“Everyone knows the shift is upon us, that is why central bankers and politicians will throw all of their tools at this problem. And I will reiterate, that is inflationary because more fiat money will chase a flat to declining supply of real goods and labour. There are only two things to own during the transition to whatever the new system is and that is gold and bitcoin.”
His optimism has been echoed by other prominent crypto executives, too. As previous reports in the crypto news on our site showed, Galaxy Digital’s Mike Novogratz, Dan Morehead of Pantera Capital and a couple of other analysts believe that BTC has what it takes to top $20,000 in the coming 12 months.
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