Arthur Hayes says Ethereum could hit the $10K level by the end of 2022


Arthur Hayes, the youngest African American crypto billionaire and former CEO and co-founder of derivatives platform BitMEX, predicted that Ethereum could hit $10,000 by the end of 2022. Notably, Hayes once speculated a downward trend in Ethereum price in an April blog post. that came true

Furthermore, he urged that the Fed’s tight policies and rising rates played the main role behind the collapse of Terra as it was a by-product of the macro environment. The crypto market is at the bottom or likely to bottom out, then bounce back, says Hayes, reiterating that Ethereum still has the potential to hit $10,000 by the end of the year or early 2023.

Related Reading | Arthur Hayes Says Bitcoin and Ethereum May Not Be Ready for Drastic Recovery

The former CEO in an April post foretold that the price of Ethereum would decline in value in June, which it did in May and even ETH fell below $1,700 on a couple of crypto exchanges.

Chosen by developers and widely used to run smart contracts, Ethereum is second on the ranking list, currently trading at around $1,770. ETH investors saw the all-time high (ATH) of the coin in November 2021 when it touched the $4,870 level. It has now been six months since the value of the token is facing declines.

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The price of Ethereum is currently fluctuating above $1,770. | Source: ETH/USD price chart from TradingView.com

Will the price of Ethereum go up next year?

The analyst predicted even more volatility in the market in the medium term saying that he would like to buy Bitcoin at $20,000 and Ethereum at $1,300. This figure decreases more than 70% of the price of Ethereum from its ATH. Surprisingly, investors have lost more than 60% who bought the top of Ethereum.

In truth, the predicted low will dampen interest from investors who invested when ETH was at its peak, but Hayes believes the token has a bright future ahead of it. In fact, time will tell better if it can come true considering a massive accident.

Hayes’ statement to buy Ethereum at $1,300 definitely expresses what he is doing. The price of Ethereum could experience rapid price movements when the value falls below the support level. He points to the possibility of further declines in value, to drive weak-handed investors away. Then, the massive reversal will come to form grounds below the support level which will send the bulls running again.

Although it shows the possibility of a price reversal, doesn’t Hayes’ prediction of $10,000 sound extraordinary?

Bitcoin experienced an 80% drop before setting a new ATH. And it happened many times in the crypto market in recent years. Ethereum could probably reclaim the speculated price of $10,000 in 2023 or 2024 if it takes longer for the next bull market.

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Cryptocurrency traders who believe in Arthur’s convictions and invest in the token at the time would see an ROI of over 500% if the market continues the bull cycle at the end of the year and ETH reclaims the $10,000 price target.

Featured image from Pixabay and chart from TradingView.com


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