The ongoing pandemic that is caused by the Coronavirus has seen a significant drop in the world’s economy and to various markets like the cryptocurrency.
This is the main reason why BitMEX CEO Arthur Hayes has predicted that the price of Bitcoin could revisit the $3,000 price range after seeing its first major drop last March 12 when it hit its low-time low of $3,600.
“Bitcoin will be owned unlevered. Could the price retest $3,000 absolutely. As the SPX rolls over and tests 2,000 expect all asset classes to puke again. As violent as the Q1 collapse in asset values was, we have almost 100 years of imbalances to unwind ancien regime”, stated Hayes in a letter.
With rapid rise of Coronavirus cases and number of death tolls continue to pile up by the day, panic continues to creep into investors and stock holders, prompting of course to sell their shares.
This is the same situation that might eventually Bitcoin sees itself. Although Hayes pronounced a big surge by the end if the year where Bitcoin could end up at the $20,000 value.