Bitcoin
BTC$27 055.17

2.38%

Ethereum
ETH$1 656.49

3.15%

Tether
USDT$1.000077

0.08%

Binance Coin
BNB$215.22

1.40%

XRP
XRP$0.510780

2.12%

USD Coin
USDC$1.000194

0.01%

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

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