Arthur Hayes is the youngest crypto billionaire in America and was the cofounder and CEO of BitMEX derivatives platform. He predicted that Ethereum would reach $10,000 at 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. Hayes states that while the crypto market may be at its lowest point or will touch the ground, the cryptocurrency market can bounce afterward.
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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.
Is Ethereum’s Price Going Up in the Next Year?
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.
Although the prediction low is likely to ruin investors’ interest in ETH, Hayes thinks the token still has a bright future. The time will show if the prediction comes true, considering that there may be a huge crash.
Hayes’s statement of buying Ethereum at $1,300 definitely expresses what he is on to. If the price of Ethereum falls below its support level, it could see rapid price movements. The possibility of further declines in value is indicated by it to drive out weak-handed investors. The massive investment that is required to support the level will be sufficient for the bulls again.
Although it shows the possibility of a price reversal, does not Hayes’s prediction of $10,000 sounds extraordinary?
Bitcoin crashed by 80% before it set a new ATH. This has been repeated many times in crypto markets over the last few years. It is possible that Ethereum could reach the $10,000 mark in 2023, or 2024, depending on how long it takes for the next bull markets.
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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 by Pixabay, chart from TradingView.com