April 20, 2024
Altcoin News

BitMEX Co-Founder Arthur Hayes Reveals Price Predictions About BTC, ETH And Altcoins

There are all kinds of optimistic predicitons about the price of the most essential coins out there, and the latest one comes from BitMEX founder, Arthur Hayes.

It’s been just revealed that the former chief executive of crypto derivatives exchange BitMEX, is issuing a warning to investors.

He recently said that all crypto assets apart from Bitcoin (BTC) and Ethereum (ETH) could see massive price losses.

Price predictions

In a new article, Hayes said that if BTC and ETH dip below $30,000 and $2,000 respectively in the coming months, he’d consider dumping all of his other cryptos because such a thing would mean that they could see staggering losses.

“If I believe that Bitcoin could trade below $30,000 and Ether below $2,000 in a three-to-six month time horizon, I will dump all of my sh*tcoins. That is because Bitcoin and Ether are the highest quality coins, and they will decline less than all their yet-to-be-proven competitors.”

He also said the following:

“Any specific applications that use the Bitcoin or Ether blockchain will also experience gravity at greater than 9.8m/s. These sh*tcoins could go down 75% to 90% in a true crypto risk-off environment.”

Hayes also explained that if BTC and ETH correct below their previous bull market highs, he will begin to question the value of the two largest cryptos.

“If Bitcoin trades at or below $20,000 or Ether trades at or below $1,400, then I will start to wonder whether these cryptos can preserve their value in energy terms.”

He also made sure to point out the following:

“Those two levels were the previous all-time highs during the 2017 bull market. But that’s the fiat price, if oil goes negative again then who cares if the benchmark cryptos fetch fewer fiat units?”

At the moment of writing this article, BTC is trading in the red and ETH as well. BTC is priced at $41,857, and ETH is trading at $3,123.

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