Bitcoin could plunge to $ 3000 again, BitMEX CEO says
CONTENT

  • Bitcoin is likely to crash to $ 3000 before trying to skyrocket

  • Halving probably won’t affect the price of cryptocurrency

  • Now bitcoin is back in the hands of bears

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Before bitcoin can try to return to its all-time highs in 2017, it may experience lows again..

Bitcoin could crash again ...

In his crypto digest, BitMEX CEO Arthur Hayes said bitcoin could “absolutely” hit the $ 3,000 mark again before the leading cryptocurrency by market cap could soar to $ 20,000 by the end of 2020.

The head of BitMEX once again emphasized that Bitcoin has value only because part of the open source code is jointly managed by many nodes, while guaranteeing a limited emission of 21 million BTC..

“That’s why this [bitcoin] has value,” Hayes said..

Halving immunity

BitMEX also tried to assess the side effect of the upcoming May halving. In the event that the bitcoin rate does not experience dramatic changes and without taking into account the commission for transfers, the income of miners can collapse by almost 50%.

However, according to BitMEX experts, this does not mean that the network hash rate will also collapse. The decrease in the hash rate of the Bitcoin blockchain is calculated not only depending on the decrease in the reward for the mined block, but also the relationship between the difficulty auto-tuning mechanism and the structure of the miners’ market.

Based on the current structure of the miner industry, and assuming the price of bitcoin does not change after the reward cut, BitMEX predicts that a halving of the reward to miners could result in a decrease in the hash rate of the blockchain network to 35%..

Plunging into the abyss of a landslide

Meanwhile, bitcoin is testing the resistance line of the previous range at $ 6,900.

How To Calculate Mining Profit: The Easy COMPLETE Guide!

If the daily Bitcoin trading closes below $ 6,800, the asset may continue to fall to $ 6,300 and even lower.

In the short term, the value of BTC / USD may rise slightly, but the threat of a bearish attack at the moment is much more likely.

Earlier, the community believed that it was the BitMEX cryptocurrency exchange that was to blame for the bitcoin price dump. Sam Bankman Freed, head of think tank Alameda Research and FTX crypto exchange, posted a series of tweets in which he explained how the crypto exchange dumped bitcoin price in stages..

At the time of this writing, bitcoin is trading at $ 6832.

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