Crypto winter could be ebbing soon as the markets prepare for the highly anticipated market recovery to early 2018 levels. Several experts seem to subscribe to this view and the latest prediction has come from contrarian trader, founder, and CEO of Bitcoin Mercantile Exchange (BitMEX) Arthur Hayes.
Sharing his views in the latest Crypto Trader Digest newsletter, Hayes predicts that Bitcoin bear season is behind us at this point and going forward the flagship cryptocurrency should be able to recover some of its lost value for the better part of this year.
Hayes, however, expects the most gains to be experienced in the last quarter of the year. In the newsletter, he wrote,
“Green shoots will begin to appear in early Q4. Free money and collective amnesia are powerful drugs. Also after two years of wage cucking, punters should have a few sheckles to rub together. The 2019 chop will be intense, but the markets will claw back to $10,000. That is a very significant psychological barrier. It’s a nice round sexy number. $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. Melissa Lee peep this. $10,000 is my number, and I’m stickin’ to it.”
According to Hayes, markets are made up of volatile periods and Bitcoin is no exception. The correction from the Bitcoin all-time-highs of late 2017 is in its last stretch and going forward, the markets could experience relatively low volatility as the prices gear up for the 2019 highs before the close of the year.
“All is not lost; nothing goes up or down in a straight line. 2019 will be boring, but green shoots will appear towards year end. The mighty central bank printing presses paused for a while, but economic sophists could not resist the siren call of free money,” he added.
Hayes has been right in a few occasions in the past, most recently predicting the fall of the Bitcoin price in the second half of 2018. His prediction at the time (July 2018) when Bitcoin was trading at around $6,500 was that it would correct further down to sub-$5,000 levels before the end of the year, a prediction that came true in mid-November when Bitcoin fell to $3K.
For the altcoin fans out there, Hayes had a few kind words as well as they wade through the bear market waters.
He said “Do not despair. CRipple is still worth more than zero. And Justin Sun’s new age religion TRON, paired with the Pope CZ [Binance CEO], tells us there are those still willing to eat shitcoins with a smile.”