Admitting Previous BTC, ETH Predictions Wrong, BitMex Founder Now Indicates A Wild Downside Ride For Crypto By June End

Arthur Hayes says his initial prediction for BTC and ETH final figures was wrong and that the coins have more pain to endure.

In the latest Medium post, BitMex founder, Arthur Hayes, is back with more talk about the crypto market. This time around, he seems to be more pessimistic as opposed to a short while back when he predicted the bottom figures for Bitcoin and Ethereum.

According to him, the next 6 to 12 months will be terrible for the crypto market. For one, a crypto winter has long been expected to hit the market, and now that it seems to have already started, prices will go down by unprecedented margins.

Sh.tcoins To Lose Another 50%

Arthur seems even more pessimistic about specific tokens that he sees as having no real value or utility. These are what most people call “sh.tcoins.” Granted, some altcoins offer good value and utility, but there are others, the “sh.tcoins,” that only shilled for the “number go up” mindset. These, according to Arthur, are headed to the gutters.

In his view, while many of these useless coins have already lost over 90%, they are destined to lose a further 50% within the next 6-12 months as crypto winter gets harsher.

He attributes a huge part of this cause to the Fed’s move to hike interest rates. The Feds have announced a rate increase of 75 basis points (or 0.75%) that will have gone into effect by June 30. The following 5-6 days after that will see cryptos, especially these sh.tcoins, drop by significant margins.

“June 30 to July 5 is going to be a wild ride to the downside. By June 30, the Fed will have enacted a 75bps rate hike and begun shrinking its balance sheet. July 4 falls on a Monday and is a federal and banking holiday. This is the perfect setup for yet another mega crypto dump.”

Wrong About BTC And ETH Bottoms

Arthur admits that his earlier analysis of BTC and ETH was wrong. He predicted that Bitcoin would bottom out at around $25k while ETH would at about $1,500.

“My $25,000 to $27,000 Bitcoin and $1,700 to $1,800 Ether bottom levels lay in tatters.”

A quick look at the current prices puts his predictions on the wrong side of the market. Currently, BTC is valued at around $20.6k, while ETH is going for $1,094. Analysts believe these prices could fall further if the $20k support is breached.

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