2020 Gains Wiped as Bitcoin Price Crashes Below $5,600 | BitMEX CEO New $20K BTC Prediction




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Bitcoin Price Can Hit $6K Then Rise to $20K in 2020 Crisis, Says BitMEX CEO.

Arthur Hayes called it right on the money, that Bitcoin (BTC) will likely hit lower levels of up to $6,000 but will avoid bigger losses.

In the latest edition of the exchange’s Crypto Digest on March 12, Arthur Hayes joined other trading sources warning that the BTC price was not safe from current market turmoil.

On Twitter, he described it as “a look into my trader brain during this time of intense market volatility.”

In the short term, Hayes thinks that BTC/USD is headed to a maximum floor of $6,000 as coronavirus panic takes its toll on sentiment. 

The situation will be compounded by hedge funds selling coins into an already downward-facing market due to distress calls from traders.

Hayes still believes in the cryptocurrency’s status as a safe-haven asset and added that $20,000 is a possible target for a bounce before the end of 2020. 

2020 Gains Wiped as Bitcoin Crashes below $5,600

Bitcoin crashed within minutes to erase all the gains it made heading into the year 2020.

The benchmark cryptocurrency plunged to $5,578 on Coinbase for the first time since May 2019.

The move downhill led its market cap down by about 30 percent to $117 billion, logging one of the biggest declines ever recorded since its inception in 2009. At BTC’s intraday high, the valuation was $134.7 billion.

The latest data revealed that the plunge came shortly after the derivatives platform BitMEX liquidated $680 million worth of XBT/USD long positions.

The spillover led traders on all the crypto exchanges to panic-sell their spot positions, with data portal CryptoCompare showing the average execution of 11,000 trades every second.

The panic was the same elsewhere in the cryptocurrency market. BTC’s 30-minute meltdown led its rival altcoins to erase up to $23 billion off the overall market, with the second-largest Ethereum tanking 30 percent.

Follow up tokens, including Ripple’s XRP, Bitcoin Cash’s BCH, and Bitcoin SV’s BSV too fell in the range of 29 to 32 percent.

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Show Notes / News Resources:
– https://www.newsbtc.com/2020/03/12/2020-gains-wiped-as-bitcoin-crashes-to-6300/
– https://cointelegraph.com/news/bitcoin-can-hit-6k-then-rise-to-20k-in-2020-crisis-says-bitmex-ceo
– https://twitter.com/CryptoHayes/status/1238028369557520384

DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky and so is investing into Cryptocurrency. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

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35 Comments

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  2. People have been predicting the 20k + rise for a while now. Hasn't even come close. You can see what happens when you have big sell off. So if Bitcoin goes to 50k at some point there will be a huge sell off and a even bigger plunge in price. Bitcoin is a Bernie Madoff scheme.

  3. Just SELL… This pandemic is barely starting… I told everyone when Coronavirus start spreading everything will drop Oil, Gold, Silver, Stocks and BITCOIN… It will drop below 3,000… This pandemic is barely starting imagine when people start losing there Jobs..

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  5. what will you do when bitcoin hits $700 know it from me now it will and after that it will rise like a lion to $50k if things don't easy on the economic depression ,if they do and markets get back to some normality bitcoin will hit 250 to350k by november 2021 Dinda said

  6. Germany ?? 1920s, Russia 1917 and 1991 ?? Argentina 48% inflation 2017, Greek banking crisis 2015, Cyprus Government Bank Fiat confiscation 2013, USA/UK/EU banking crises 2008, US Gold and Silver confiscation 1933 /34 ??

    Best to diversify away from government and fractional reserve banking system into decentralised crypto such as Litecoin or Bitcoin to spread risk as well as secure your assets.

  7. with the prices of btc and altcoins nose diving, there is a possibility that many might lose interest in Teeka's 5 coins to 5 mil final 5. I think the fear has reached the moon… not the price ! lol

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