The recent crash in the crypto markets took everyone by surprise, especially Bitcoin. Many coins lost value drastically and very fast at that. Even the number one crypto Bitcoin took a big hit when investors kept selling out in panic. While many are hoping for a recovery, the storm is still rising. Also, many speculations abound in the market as investors are thrown in disarray.
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With all the chaos, it’s no surprise that the co-founder of BitMex predicts both Bitcoin and Ethereum bottom levels. According to Hayes, Bitcoin will relax at $25,000-$27000, while Ethereum will remain at $1700-$1800. This is a far cry from what both cryptos were trading some months back.
On his reasons for making the predictions, Hayes pointed out that the sale of 80,000 BTC done recently by Terra has reduced the frenzy to sell Bitcoin.
Another reason for this set bottom is that BTC is lagging while stocks recover. Last week, while Wall Street saw some positives, Bitcoin went lower instead to $29,000+ from May 29 to May 30. On May 31 and June 1, the price went up to $31,000 but it’s now fluctuating between $29k – $30k At press time.
The crypto market commenced a downward trend when the Federal Reserve announced increased taxes. While some investors were still undecided about selling or not, the market dived down to the worst as soon as the tax became effective.
The incident caused panic selling, and many investors lost their investments. For instance, Bitcoin that reached the $40K resistance spiraled downwards and has lost at least 9.40% since then. Apart from the prices of crypto that fell, the global cryptocurrency market also decreased drastically.
Is There Any Hope For Bitcoin and Ethereum Recovery?
According to Hayes, no one can predict a recovery in the nearest future. The increase in rates by the Federal Reserve was…
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