Of late, the crypto world has been awash with speculations from enthusiastic analysts and traders trying to figure out what could happen next as the market moves to recover from a recent fierce bear attack.
Being the topmost crypto, Bitcoin has obviously received a lot of attention in that sense. The most recent market opinion about Bitcoin comes from the CEO of BitMEX, Arthur Hayes. BitMEX is a large crypto exchange that deals with crypto derivatives.
According to Hayes, Bitcoin’s current market situation is subject to change as the year progresses, with a climax set to be achieved when the crypto hits $10,000 in value per coin. However, Hayes is optimistic that the trend could even continue until Bitcoin recovers back to its ATH of $20,000. He noted that the last time Bitcoin made a huge leap, it only took about 11 months to move from $1,000 to a cool $10,000. Arthur Hayes outlined his apparent insight in a recent newsletter dispatched to the exchange’s customers.
A Lot Of Money To Be Printed
To expound on his opinion about Bitcoin, Hayes said that this year could see a huge spike in the amount of money being printed by Central Banks as governments try to catch up with the expanding crypto industry.
Hayes went on to intimate that when things got tough for the market, the Fed had to deal with a biting 20% market correction in the SPX. Also, recent minutes from the Fed indicate that this percentage is bound to shoot up as the year progresses, prompting the government to start reinvesting into the market especially during the 3rd quarter. To that effect, more money will have to be printed to cover for these needs, an action that will obviously affect Bitcoin’s price.
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