Bitcoin
BTC$18 954.19

-0.85%

Ethereum
ETH$1 296.86

-3.33%

Tether
USDT$1.000054

0%

USD Coin
USDC$1.000099

0.02%

Binance Coin
BNB$275.55

-0.88%

XRP
XRP$0.502289

0.18%

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 84% 26 $18 954.19 -0.85% -3.69% $363 170 326 097 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 71.6% 54 $1 296.86 -3.33% -5.90% $158 895 113 066 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.6% 1 $1.000054 0% 0% $67 958 370 744 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000099 0.02% 0% $49 598 147 661 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 88% 15 $275.55 -0.88% 0.94% $44 457 076 668 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 62.4% 74 $0.502289 0.18% 27.23% $25 038 488 617 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 93.6% 1 $0.999580 -0.04% -0.15% $20 508 638 534 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 80.4% 33 $0.451128 -2.03% -3.38% $15 442 614 963 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 80.8% 28 $32.92 -2.14% 1.78% $11 674 869 153 SOL 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 91.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 88.8% 14 $0.062123 -3.39% 3.63% $8 241 886 870 DOGE 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 76.4% 41 $6.25 -3.26% -7.59% $6 998 238 426 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 92.4% 1 $0.999822 0.01% 0.01% $6 929 280 255 DAI 7 days price change
14 Polygon (MATIC) MATIC Polygon predictions 72% 55 $0.752062 -2.34% -5.51% $6 568 747 961 MATIC 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 79.2% 42 $0.000011 -4.59% -2.47% $6 136 754 331 SHIB 7 days price change

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