|Nov 03, 2018 04:05 PM||By: Ben Noble | 1967 Views|
According to the news, Bitcoin is falling victim to its resistance as both traders, and the media are starting to lose interest. Hayes challenges that Bitcoin’s mass adoption is immediately tied to its volatility, calling it the “gateway drug” into the ecosystem.
“If volatility waits at these depressed levels, the price will deliberately leak lower. For those of us who lived through the 2014-2015 bear market, we all await that nasty ass light that breaks the soul of the bulls. Then, and only then, will volatility and the price wheel higher,” stated Hayes in the report.
Given its models, BitMEX sees significantly more effort to come for Bitcoin bulls.
“A 75% fall from $9,152 takes us close to $2,000. $2,000 to $3,000 is my new beloved spot but don’t tell Michelle Lee just yet,” resumed Hayes.
BitMEX has been the target of investor scrutiny for Hayes’s performances in the past. Most lately, Hayes publicly called Ethereum (ETH) a “bigger shitcoin” than the dollar when helping users to short the digital currency with ETH/USD perpetual swaps.
BitMEX allegedly has a meaningful influence on the price of Bitcoin, as it offers investors access to a Bitcoin derivatives market, which is different from spot trading in that it allows leveraged shorts up to 100x. Last August, when BitMEX entered into a period of scheduled maintenance, Bitcoin’s price nailed nearly $300 in a matter of minutes.
BTC is currently trading for $6,362.74, giving the coin a $110.44 billion market cap and delivering it 53.5% of the total crypto market and 56.4% of the AltDex 100 Index (ALT100), a benchmark index for the top-100 cryptocurrencies.
It would take an approximately 70% fall from current prices for Bitcoin to reach Hayes’s $2,000 price target.