BitMEX founder predicts Bitcoin to hit $30K
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.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 91.2% | 2 | $27 055.17 | 2.38% | 1.60% | $527 540 867 751 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 91.2% | 5 | $1 656.49 | 3.15% | 4.11% | $199 168 008 916 |  |
|
| 3 |  USDT |
Tether predictions | 90.8% | 1 | $1.000077 | 0.08% | 0.02% | $83 283 016 698 |  |
|
| 4 |  BNB |
Binance Coin predictions | 91.2% | 4 | $215.22 | 1.40% | 1.80% | $33 111 371 704 |  |
|
| 5 |  XRP |
XRP predictions | 91.2% | 9 | $0.510780 | 2.12% | 0.16% | $27 230 864 156 |  |
|
| 6 |  USDC |
USD Coin predictions | 95.6% | 1 | $1.000194 | 0.01% | 0.02% | $25 592 409 818 |  |
|
| 7 |  STETH |
Lido stETH predictions | 95.2% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 8 |  WTRX |
Wrapped TRON predictions | 83.6% | 24 | $0.088849 | 4.32% | 6.87% | $9 033 845 103 |  |
|
| 9 |  ADA |
Cardano predictions | 90.4% | 6 | $0.249876 | 2.09% | 1.62% | $8 777 753 884 |  |
|
| 10 |  DOGE |
Dogecoin predictions | 92.8% | 5 | $0.061502 | 1.34% | -0.11% | $8 683 991 485 |  |
|
| 11 |  SOL |
Solana predictions | 88% | 20 | $20.16 | 4.48% | 2.94% | $8 321 534 374 |  |
|
| 12 |  TRX |
TRON predictions | 83.6% | 22 | $0.087499 | 2.25% | 5.19% | $7 794 692 941 |  |
|
| 13 |  TON |
Toncoin predictions | 60.4% | 84 | $2.20 | 2.66% | -5.57% | $7 546 155 725 |  |
|
| 14 |  DAI |
Dai predictions | 91.2% | 1 | $1.000251 | -0.01% | 0.04% | $5 349 229 114 |  |
|
| 15 |  DOT |
Polkadot predictions | 89.6% | 7 | $4.07 | 1.81% | 1.13% | $5 003 930 047 |  |
