BitMEX CEO: Bitcoin's Price Will Reach $10,000 Before End of 2019

Omar Faridi
  • Arthur Hayes, the CEO of BitMEX, the world's largest crypto derivatives exchange, has predicted Bitcoin price will surge (again) to $10,000 by end of this year.
  • Hayes had previously (incorrectly) forecasted a $50,000 BTC price by end of year 2018. 

Arthur Hayes, the co-founder and CEO of the Bitcoin Mercantile Exchange (BitMEX), a Seychelles-registered and Hong Kong-operated crypto derivatives trading platform, has predicted that bitcoin's (BTC) price will surge to $10,000 this year.

Hayes, a Wharton School of Business graduate, had previously forecasted that Bitcoin’s price would hit $50,000 by the end of 2018. However, the value of the world’s most dominant cryptocurrency dropped below the $4,000 mark towards the end of last year.

Hayes’ most recent BTC price prediction was revealed in a newsletter, in which he noted the crypto market will begin to recover during early Q4 2019. Hayes wrote: 

The 2019 chop will be intense, but the markets will claw back to $10,000. That is a very significant psychological barrier. [...] $20,000 is the ultimate recovery. However, it took 11 months from $1,000 to $10,000, but less than one month from $10,000 to $20,000 back to $10,000.

"Bears Gain Strength" To Push BTC's Price Below $4,000

On March 19, 2019, Naeem Aslam, the chief market analyst at ThinkMarkets, a financial services company that specializes in traditional equities, forex, and cryptocurrency trading, had noted that “questions are being asked constantly when it comes to bitcoin’s battle with the $4,000 mark.”

Aslam, a business and financial economics graduate from the University of Leeds, pointed out that since December 14, 2018, there had been several “battles” between the bulls and the bears at the $4,000 price level. According to Aslam’s assessment: 

In [the] battles, [the] bulls have (so far) lost the war because after the first attack at the $4,000 level, the bears have been able to gain enough strength to push the price back below this critical mark. It is in this essence, that this level has become a matter of “life or death” for crypto traders.

Bitcoin Could Hit $400,000

Aslam, who’s a qualified financial advisor (from the University College Dublin), also argued that “if you are a long-term investor, you will not really worry about these short-term levels.” He added that based on current crypto market activity, there’s a “high chance,” or probability, that the next digital asset bull market will push bitcoin past the $100,000 mark. Notably, Aslam also believes that bitcoin’s value could potentially reach $400,000 in the long-term.

Murad Mahmudov, a prominent crypto analyst, has observed that bitcoin’s upwards and downwards price movements occur in cycles and that during each cycle, the digital asset’s price has dipped into even lower weekly moving averages. In early February 2019, Mahmudov had stated that it was mainly “speculation” and “greed” which had (previously) been driving the price of bitcoin and other cryptocurrencies to higher levels. He also noted last month that Bitcoin-related tweets were at their lowest since 2014, which according to him “screams bearish.”

Billionaire Novogratz: Altcoins Won't Pump Like In 2017 Bull Run, Bitcoin Will Dominate

It appears that cryptocurrency prices have finally begun to recover after enduring an extended bear market which lasted throughout 2018.

As the market capitalization of Bitcoin (BTC) and other major cryptoassets continues to rise, several analysts have been drawing comparisons between what they’re seeing in the current market and what they observed during the historic bull market of late 2017 and early 2018.

Commenting on the recent crypto market price movements via Twitter, Ran NeuNer, the host of the CNBC Africa Trader show, remarked:

The market is running but we still haven’t seen the crazy alt pumps, pumps where coins do 40% in a it coming?

Bitcoin To “Outperform” All Other Cryptos “This Time”

As the bitcoin price begins to recover, there have been many predictions made regarding the anticipated performance of altcoins. Twitter user “Crypto Bitlord” (@Crypto_Bitlord), a widely-followed digital asset market analyst, believes XRP, which currently has a market cap of around $16.3 billion, may trade as high as $10.

However, prominent crypto investor Michael Novogratz believes that digital asset traders are a lot smarter this time, when compared to some of the bad investment decisions they might have made during the initial coin offering (ICO) craze of 2017.

Novogratz, who’s the founder and CEO of Galaxy Digital, a full-service crypto merchant bank, has predicted that in this market run, Bitcoin will “outperform” all other cryptoassets.

On May 16th, 2019, the Bitcoin price surged to a 2019 high of $8,373 according to CryptoCompare data. In response to bitcoin’s recent price movements, Juan Villaverde, the Chief Analyst at Weiss Crypto Ratings, told CryptoGlobe: 

Bitcoin could fall to as low as $4,400. But [if] it does, it will be the best Bitcoin buying opportunity since 2015.

“More Good News For New Bitcoin Users”

Villaverde, an econometrician and mathematician focused on developing various crypto index models at Weiss Ratings, believes bitcoin would be a great buy at a lower price (as suggested above) because of the following reasons:

  • “The usage of Bitcoin is near all-time highs – 450,000 transactions per day. That’s up from a low of 150,000 in April of 2018 and approaching the all-time high of 490,000 in December of 2017.”
  • “Despite the high transaction volume, fees on the Bitcoin network are at their lowest levels since August of 2017 – more good news for users.”
  • “The Bitcoin block size is now greater than ever before, thanks to the Segwit technology upgrade.”

Villaverde further noted that the predictions are “based on studying the time patterns in Bitcoin's rises and falls throughout its 9 year trading history.” He explained that the time patterns have been analyzed by using an “algorithm-based market cycles model.”

The Chief Analyst at Weiss Ratings also mentioned that the bear market “ended on December 15th 2018 and the model confirmed this shift in trend on March 26th of this year.”

He added:

Then, after the rally that took place starting on April 25th, the same model told me a new bull market was now underway. The same model indicated a 30% to 45% correction due as of late April-early May and we seem to be experiencing that right now.