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.
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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.
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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.
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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.
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Text credit: Newsbtc
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