The cryptocurrency market has been quite volatile this year. While the value of the total cryptocurrency market fell below $ 2 trillion, an expert shared his thoughts. He also shared his comments on Bitcoin and Ethereum, which are the largest cryptocurrencies with their market value.
According to Hayes, “the worst is yet to come”
In his latest Medium post, Hayes says he believes the worst is yet to come. Sharing his thoughts on the changing global macroeconomic trends, Hayes explains the weakness in the Nasdaq 100 (NDX) index and the correlation between Bitcoin and the crypto market. The 90-day correlation between Bitcoin and the Nasdaq-100 has reached a new record high. Sharing the technical chart for the Nasdaq 100, Hayes uses the following statements on the subject:
On December 27, 2022, the Nasdaq 100 closed at 16567.50 and then reached a local low at 13046.64. Using the tried and tested Fibonacci Retracement, NDX failed to break the 61.8% retracement on the bounce. A few days later it tried to break this resistance level again, failed, and has since continued at lower levels.
What are the Bitcoin and Ethereum forecasts? According to
Hayes, crypto will take a hit if tech stocks continue to underperform. Although some altcoins have already lost 75 percent of their value, as we reported on Kriptokoin.com, Hayes believes that they will not be able to escape the impending carnage. On the other hand, Hayes states that since the Fed and other central banks have to deal with inflation, they will not back down from quantitative tightening anytime soon. The Nasdaq predicts that the 100 correction will create a strong volatility in the crypto market.
, expecting a crash in this market in June 2022, the expert believes that Bitcoin and ETH will hit bottom before the Fed acts and softens its policy. As a result, he says that while he expects Bitcoin to test $30,000 before the start of the third quarter, ETH could slide back to $2,500 by the end of June. At the time of writing, BTC, the largest cryptocurrency by market cap, is changing hands at $42,119 and ETH at $3,151.
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