BitMEX co-founder Arthur Hayes said in his blog post that Bitcoin bulls should be “concerned” about the $17,500 price level for BTC, which seems to be the bottom in the current bear market.
“While watching the volatility and movements of the US dollar liquidity index, it seems that the price level of Bitcoin, which should be worried about for a long time, is at $ 17,500. The most likely course of action is to retest this bottom level. Whether the price will stay above this support is entirely in the US dollar. It will depend on the course of the liquidity index.”
Evaluating Ethereum (ETH), Hayes claimed that the second largest cryptocurrency by market capitalization will likely outperform Bitcoin. The cryptocurrency investor also said that it is unlikely that Ethereum will reach at least $10,000 as he predicted at the beginning of the year if monetary tightening continues in the US: “ I am confident that the structural reduction in the supply of ETH will certainly result in a better performance against Bitcoin, but I don’t think ETH will reach a five-digit price by the end of the year if the Fed and the US Treasury continue their plans to reduce the liquidity of the US dollar.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.
