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Bitcoin (BTC) Price Predicted to Hit $20,000 in 2020 by BitMEX CEO Arthur Hayes

utoday

2mon ago

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The Bitcoin (BTC) price is still on track to hit its all-time high of $20,000 in 2020, according to BitMEX CEO Arthur Hayes.

In the new 'Crypto Trader Digest,' which was published by the exchange on Apr. 9, Hayes claims that it remains his year-end target despite the historic March slump that seemingly shattered all bullish forecasts.

As reported by U.Today, Hayes claimed that BTC would not revisit the $3,000 and reiterated that the top cryptocurrency could climb to $20,000 after hitting $10,000.

The timing of his post couldn't be worse given that it was published right before the BTC price took a 48 percent haircut in 24 hours. It plunged to its local bottom of $3,800, which coincided with BitMEX going offline due to 'an aggressive DDoS attack.'

Now, Hayes doesn't rule out that BTC could go even lower if U.S. stocks get clobbered again.

'Could the price retest $3,000, absolutely. As the SPX rolls over and tests 2,000 expect all asset classes to puke again.'

Mike Novogratz, the CEO of Galaxy Digital, also expects Bitcoin to rocket to its old all-time high this year. Otherwise, he would consider abandoning it since the gargantuan dose of monetary stimulus is supposed to be the perfect storm for crypto. In his recent CNBC interview, the Wall Street veteran described it as 'a money-printing orgy.'

In his latest post, Hayes predicts that the U.S. Federal Reserve printing dollars could lead to rampant inflation.

'Remember that all raw commodities are priced in dollars, if you print too much money to monetise your government debt, your currency craters and inflation runs rampant. At that point, the Jacobins enter the street and you better not be munching on a cake.'

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