Bitcoin
BTC$30 326.91

1.12%

Ethereum
ETH$2 076.58

2.21%

Tether
USDT$0.999001

0.01%

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USDC$1.000230

-0.02%

Binance Coin
BNB$304.44

2.05%

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XRP$0.435585

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BitMEX founder predicts Bitcoin to hit $30K


12 Apr 2022

#Bitcoin

Bitcoin, the world’s largest cryptocurrency by market cap, is increasingly showing a tendency to move in the same direction with some of the world’s biggest tech stocks, a recent report by Bloomberg has revealed. Per the data reported by Bloomberg, the currency saw its highest 40-day correlation with Nasdaq 100 at 0.6945 on Friday. The higher correlation may forecast a downward trend for Bitcoin, which has already reached below $41,000 levels at the time of writing. The king crypto was trading at $40,616.26 with a 24-hour price change of 5%.

Citing similar data, founder of the cryptocurrency exchange BitMEX, Arthur Hayes, has predicted the coin to hit around $30,000 by June. Hayes has suggested that the higher correlation may make Bitcoin exposed to the effects of rising interest rates and falling economic growth. The co-founder wrote:

“The short-term (10-day) correlation is high, and the medium term (30-day and 90-day) correlations are moving up and to the right. This is not what we want. For me to hoist the flag in support of selling fiat and buying crypto in advance of an NDX meltdown (30% to 50% drawdown), correlations across all time frames need to trend demonstratively lower.”

In addition to Bitcoin, Hayes has also predicted Ethereum to hit below $2,500 even before the Fed takes any action. Nasdaq 100 is a large-cap growth index that tracks 100 of the largest domestic and international non-financial companies listed on the Nasdaq Stock Market. The companies listed are determined on the basis of their market capitalization. Some of them include Apple, Microsoft, Amazon, Tesla, Nvidia, Meta, Alphabet, and Intel.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 65.6% 74 $30 326.91 1.12% -1.69% $577 507 167 326 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 66.4% 75 $2 076.58 2.21% -10.32% $250 891 465 462 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $0.999001 0.01% -0.08% $75 676 462 108 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000230 -0.02% -0.04% $52 257 987 348 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 65.6% 71 $304.44 2.05% -3.10% $49 708 837 503 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 66.8% 66 $0.435585 2.31% -13.81% $21 057 536 595 XRP 7 days price change
7 Cardano (ADA) ADA Cardano predictions 68.8% 66 $0.575630 2.12% -8.16% $19 421 209 986 ADA 7 days price change
8 Solana (SOL) SOL Solana predictions 63.2% 76 $56.43 3.88% -13.30% $19 038 552 817 SOL 7 days price change
9 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $1.002005 0.22% 0.35% $18 231 060 479 BUSD 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 62.4% 73 $0.089988 2.40% -16.42% $11 938 784 018 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 67.2% 74 $11.01 1.97% -0.91% $10 874 092 462 DOT 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 66.4% 75 $34.13 2.44% -22.27% $9 183 931 187 AVAX 7 days price change
13 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 67.2% 74 $30 349.83 1.15% -1.21% $8 599 743 334 WBTC 7 days price change
14 TRON (TRX) TRX TRON predictions 71.6% 60 $0.072402 4.12% -4.60% $7 070 299 328 TRX 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 64.8% 75 $0.000013 4.03% -21.64% $6 883 934 346 SHIB 7 days price change

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