BitMEX co-founder forecasts Bitcoin slump to $30,000

Former BitMEX CEO and co-founder Arthur Hayes expects a downturn in the crypto market in June 2022.

Beware of \”The Q Trap\” … Read on to find out when to start dumpster diving for #bitcoin and #ether.https://t.co/VhDodqhNd8 pic.twitter.com/bU1QfYykIX

— Arthur Hayes (@CryptoHayes) April 11, 2022

In his view, by the end of the second quarter Bitcoin and Ethereum will test levels of $30,000 and $2,500 respectively. The entrepreneur believes this will occur due to a decline in the Nasdaq 100 index (NDX), with which cryptocurrencies are highly correlated.

\”There is nothing scientific about these numbers, except intuition. It is unfortunate that there are a number of altcoins that I have begun accumulating because of fairly attractive prices. Despite the decline of some of them by 75% from their all-time highs, I do not believe they will avoid the coming crash. Thus, I am betting on the decline of both Bitcoin and Ethereum in June 2022,\” Hayes wrote.

He acknowledged that his forecast could be wrong if the correlation between cryptocurrencies and the NDX weakens by the deadline. He noted that he himself holds long positions in cryptocurrencies.

\”There are many experts who think the worst is behind us. I think they ignore the inconvenient truth that crypto-capital markets are currently nothing more than around-the-clock indicators of the S&P 500 and the NDX and do not trade the fundamentals of peer-to-peer decentralised censorship-resistant digital networks designed to transfer money,\” he concluded.

In April, Hayes predicted that by the end of 2022 Ethereum would trade above $10,000.