Arthur Hayes, America’s youngest crypto billionaire and former CEO and co-founder of the BitMEX derivatives platform, predicts the following: Ethereum can still reach $ 10,000 by the end of 2022. In a blog post in April, Hayes also speculated on a downward trend in the price of Ethereum – which then came true.
It also suggests that a strict nutrition policy and elevated interest rates played the main role behind the Terra crash. Because: This was a by-product of the macroeconomic environment.
The crypto market is up or probably down, after which it will recover, Hayes says. It confirms: Ethereum still has the potential to reach $ 10,000 by the end of the year or early 2023.
The former CEO in a post in April had predicted that the price of Ethereum would fall by June. That also happened in May – and ETH even dropped by under $ 1,700 on some crypto exchanges.
Ethereum, preferred by developers and widely used to run smart contracts, ranks second in the rankings and is currently trading at around $ 1,770. It reached an all-time high (ATH) base in November 2021 when it reached $ 4,870. It’s been six months since the value of the token struggled with declines.
Will the Price of Ethereum Rise Next Year?
The analyst predicts even more market volatility in the medium term. According to Hayes, he wants to buy Bitcoin for $ 20,000 and Ethereum for $ 1,300.
This number drops the price of Ethereum above 70% from its ATH. Interestingly, investors who bought Ethereum at the peak lost more than 60%.
The projected bottom should reduce interest from investors who invested when ETH was at the top. But Hayes believes the sign has a bright future ahead.
Hayes’s statement about buying Ethereum for $ 1,300 says what it’s getting. Ethereum price could see rapid price action if the value breaks below the support level.
It suggests a further fall in prices to encourage weak-handed investors to move away. Then come the huge investments to form the level of support that will cause the bulls to tread again.
While it emphasizes the possibility of a price reversal, is the $ 10,000 Hayes forecast unrealistic?
Bitcoin had seen an 80 percent crash before a rally to a whole new level. Not uncommon in the crypto market in recent years. Ethereum could probably reach the speculative price of $ 10,000 in 2023 or 2024.
Crypto traders who follow Arthur’s belief and invest in the signal at this point would see a return of more than 500% if the market continues the bull cycle by the end of the year and ETH reaches the $ 10,000 target price.
Text credit: Newsbtc
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