Arthur Hayes, the youngest cryptocurrency billionaire in The Americas and Africa and former CEO and co-founder of derivatives platform BitMEX, predicts that nIES are likely to reach $10,000 by the end of 2022. It's worth noting that Hayes had speculated in a blog post in April that ethereum was on a downward trend and that happened.
He further urged that the Federal Reserve's strict policies and rising interest rates were the main cause of Terra's collapse, as it was a by-product of the macroeconomic environment. Hayes said the crypto market is at or could hit a bottom before bouncing back, reiterating that It is still possible to reach $10,000 by the end of this year or early 2023.
In an April post, the former CEO predicted that THE price of Yip tai would fall by June, which happened in May, even as ETH fell below $1,700 on several cryptocurrency exchanges.
The developer's choice, which is widely used to execute smart contracts, is second on the list, currently trading at about $1,770. ETH investors saw an all-time high (ATH) for the token when it hit the $4,870 level in November 2021. It has now been six months since the token faced a decline in value.
The analyst predicted more volatility in the medium term, saying he wanted to buy Bitcoin at $20,000 and Aunt At $1,300. This figure is more than 70% lower than the price of the ATH. Notably, investors who bought the top of the aunt lost more than 60%.
Indeed, the predicted low will undermine the appetite of investors who invested when ETH was hovering around the top, but Hayes sees a bright future for the token. In fact, given the scale of the crash, the timing would be better if it were possible.
Hayes' statement that he was buying aunt for $1,300 made his intentions clear. Prices may experience rapid price movements when values break below support levels. It signals the possibility of further declines in value, driving weak-handed investors away. Substantial investment will then form a base below support, which will allow the bulls to run again.
While it shows the potential for price reversals, doesn't Hayes' $10,000 prediction sound unusual?
Bitcoin experienced an 80% crash before setting up the new ATH. It's happened a lot in the crypto market over the past few years. If the next bull market takes longer, Ethereum could get a speculated price of $10,000 in 2023 or 2024.
If the market followed the bull cycle at the end of the year and ETH claimed a target price of $10,000, a cryptocurrency trader who believed Arthur's belief and invested in the token at that time would have made a return on investment of more than 500%.