Bitcoin (BTC) may reach as low as $ 6,000 but will avoid greater losses, the CEO of the giant derivatives exchange BitMEX stated.
In the latest publication of Crypto Digest From BitMEX on March 12, Arthur Hayes joined the group of people who warned that Bitcoin is not safe from the current market delays.
Hayes tells of the “violent fluctuations”
On Twitter, he described the article as “a look at the brains of traders during periods of intense market volatility.”
In the short term, Hayes thinks that the BTC / USD pair is heading to the lowest level of $ 6,000 caused by the panic of corona virus, which is bad for market sentiment.
The situation is made worse by the sell-off of coins from hedge funds in a downward market due to distressed margin calls from traders.
Hayes still believes in the state of cryptocurrencies as a safe haven and predicts $ 20,000 is a viable target for a recovery before the end of 2020.
Fear & Greed index dropped to a record low
As Toiyeubitcoin reported, analysts still don't like the risk to Bitcoin before its recent behavior. This asset has risen in the face of a pandemic across global markets, but that profit was quickly wiped out in March.
On Thursday, the BTC / USD pair reached its lowest level in 2020, with CoinTelegraph analyst Michaël van de Poppe targeting a potential bottom of $ 6,154.
According to the index Crypto Fear & Greed (Greed and fear) – which is used to measure investor psychology as a tool to predict the price, the “extreme fear” is all the cryptocurrency market is able to do. show up.
At 14, the index is currently at its lowest level since the bearish market started in 2018.
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According to CoinTelegraph
Translated by ToiYeuBitcoin