BitMEX

This year, the crypto market has been volatile, and it appears to be under pressure again after the March rally. BitMEX CEO Arthur Hayes thinks that the worst is ahead as the crypto market has fallen to less than $2 trillion.

Hayes’ latest opinion piece, “The Q-Trap,” discusses the changing macro-economic trends worldwide. He also explains how Bitcoin and the crypto markets are closely linked to the Nasdaq 100 Index (NDX).

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Hayes shares the technical chart of the Nasdaq 100:

The Nasdaq 100 closed on 27 December 2022 at a high point of 16567.50 and then fell to a low of 13046.64. NDX failed the Fibonacci retracement test to break the 61.8% retracement. It tried to break through that resistance level again a few days later but failed and has remained lower since then.

He expects Nasdaq will fall below its local low and slide to 10,000 or below. He also noted that the Fed and other central banks would not be reverting to quantitative tightening as they have to deal with the inflation monster.

Crypto Crash 2022:

Hayes predicts strong ripple effects from the Nasdaq 100 correction to the crypto market. Bitcoin is highly correlated with Ether, and Crypto will be taken down with the NDX if it crashes. I’m buying crash June 2022 puts for both Ether and Bitcoin.

Hayes believes that Bitcoin and Ether would bottom before the Fed reverses its tight-loose policy. He states that Bitcoin (BTC), and Ether (ETH), will reach $30,000 by the end of the second quarter of June 2022.

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Hayes says that he has accumulated altcoins and finds their valuations appealing.

BitMEX
BitMEX

The concluding not:

Hayes states that this is only his “prognosis” and that he can be wrong.

Arthur Hayes said:

This analysis is not intended to trade any short-term situations that I believe will occur in risk markets or hedge purchases of attractively priced altcoins.

Want to know more about BitMEX Founders, Headquarters, Founded, and more? Then visit the Wikipedia BitMEX official page.

Source: Google News Trend

By Vil Joe

A writer and editor based out of San Francisco, Vil has worked for The Wirecutter, PCWorld, MaximumPC and TechHive. Her work has also appeared on InfoWorld, MacWorld, Details, Apartment Therapy and Broke-Ass Stuart. In her spare time, she takes too many pictures of her cats, watches too much CSI and obsesses over her bullet journal.

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