Arthur Hayes, the youngest crypto billionaire of American Africa and the former CEO and co-founder of the derivatives platform BitMEX, predicted Ethereum could hit $10,000 by the end of 2022. Notably, Hayes once speculated a downtrend in Ethereum’s price in an April blog post that came true.
He further urged that the Fed’s strict policies and increasing rates had the main role behind Terra’s crash as it was a byproduct of the macroeconomic environment. The crypto market is at the bottom or likely to touch the grounds, afterward, it will bounce, Hayes says, reiterating that Ethereum still has the potential to reach $10,000 by the end of the year or at the start of 2023.
Related Reading | Arthur Hayes Says Bitcoin And Ethereum May Not Be Ready To Recover Drastically
The former CEO in an April post portended Ethereum’s price would decrease its value by June which came to pass in May and even ETH dropped below $1,700 on a couple of crypto exchanges.
Developer’s choice and widely being used for executing smart contracts, Ethereum stands at the second spot in the rank list, currently trading at around $1,770. ETH’s investors saw the all-time high (ATH) of the coin by November 2021 when it touched the $4,870 level. Now it has been six months since the token’s value facing dips.
Ethereum’s price currently fluctuates at over $1,770. | Source: ETH/USD price chart from TradingView.com
The analyst predicted even more volatility in the market for the mid-term saying that he would like to purchase Bitcoin at $20,000 and Ethereum at $1,300. This figure decreases over 70% of Ethereum’s price from its ATH. Remarkably, investors have lost over 60% who bought Ethereum’s top.
Truly, the predicted low will ruin the interest of investors who invested when ETH was hovering at the top but Hayes believes the token has a bright future ahead. Indeed, the time will tell better if it may come true considering a massive crash.
Hayes’s statement of buying Ethereum at $1,300 definitely expresses what he is on to. Ethereum price could experience quick price moves when the value plummets below the support level. It signs the possibility of further dips in the value, to make the weak-hand investors leave. Then, the massive investment will come to form grounds under the support level that will make the bulls run again.
Although it shows the possibility of a price reversal, does not Hayes’s prediction of $10,000 sounds extraordinary?
Bitcoin experienced an 80% crash before setting a new ATH. And it happened many times in the crypto market over the past few years. Likely, Ethereum could claim the speculated price of $10,000 in 2023 or in 2024 if it takes longer for the next bull market.
Related Reading | Bored Ape Yacht Club Plunges By 60% Last Month
Crypto traders who believe Arthur’s convictions and invest in the token at the time, would get an ROI of over 500% if the market follows the bull cycle by ending the year and ETH claims the target price of $10,000.
Featured image from Pixabay and chart from TradingView.com
Tags: Arthur HayescryptocurrencyETH price predictionethereumethereum network