BitMEX ex-CEO Arthur Hayes believes the two cryptocurrencies will fall much lower by the end of the second quarter.
In a recent Medium post, Arthur Hayes, former CEO of BitMEX, predicted that the Ethereum price would drop to $2500 by the end of June. He also expects Bitcoin to test the $30,000 level before the start of the third quarter.
The former boss of BitMEX points out that the two largest cryptocurrencies are “highly correlated” with the Nasdaq-100 stock market index. The 90-day correlation between Bitcoin and the Nasdaq-100 hit hit a new record high. According to Hayes, crypto will take a hit if tech shares continue to underperform.
Although some altcoins have already lost 75% of value, Hayes believes they will not be able to escape the impending carnage.
As previously reported, Galaxy Digital CEO Mike Novogratz recently said that the crypto market could go to the moon in 2022 if the Federal Reserve returns to monetary easing. Hayes expects the market to bottom before the Fed reverses course.
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