Bitcoin
BTC$51 080.64

-0.17%

Ethereum
ETH$2 958.60

0.59%

Tether
USDT$0.999795

-0.01%

Binance Coin
BNB$381.55

1.23%

Solana
SOL$102.29

-0.22%

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XRP$0.545718

1.85%

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 61.6% 79 $51 080.64 -0.17% -1.23% $1 003 032 737 138 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 62% 74 $2 958.60 0.59% 6.46% $355 494 702 948 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 90.8% 1 $0.999795 -0.01% -0.02% $97 890 672 484 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 64.4% 70 $381.55 1.23% 7.26% $57 057 600 788 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 71.6% 50 $102.29 -0.22% -6.31% $45 116 798 824 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 83.6% 21 $0.545718 1.85% -1.30% $29 793 057 958 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000101 0.02% 0.05% $28 143 447 515 USDC 7 days price change
8 Cardano (ADA) ADA Cardano predictions 66.4% 70 $0.588280 0.75% 0.78% $20 866 465 494 ADA 7 days price change
9 Avalanche (AVAX) AVAX Avalanche predictions 70.8% 56 $36.49 -0.85% -7.71% $13 762 867 956 AVAX 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 90.8% 12 $0.085058 1.69% 0.73% $12 180 653 380 DOGE 7 days price change
11 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 66.8% 61 $0.137719 -0.61% 1.34% $12 121 314 356 WTRX 7 days price change
12 TRON (TRX) TRX TRON predictions 66.4% 62 $0.137622 -0.72% 0.96% $12 112 809 359 TRX 7 days price change
13 Chainlink (LINK) LINK Chainlink predictions 69.2% 62 $18.40 2.55% -5.46% $10 801 864 838 LINK 7 days price change
14 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
15 Polkadot (DOT) DOT Polkadot predictions 74% 47 $7.74 5.26% 2.37% $9 922 947 798 DOT 7 days price change

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