BitMEX head says volatility will last for 12 to 18 months. While others hold a more bullish outlook
In an interview with Yahoo! Finance, Arthur Hayes of BitMEX tells that on the basis of his experience in the cryptocurrency market, the flatness currently seen will continue for a year or more. At the same time, he supposes a further fall in trading volumes.
His experience began in 2013. During that time the price of BTC soared from $250 to $1,300. Then in the following two years, the price fell and the volume crashed.
Even in a bearish market, BitMEX is said to be handling $1 billion worth of trading derivatives daily.
There are other market participants who hold an alternative viewpoint. Speaking about on the state of the market and the technology, eToro analyst Mati Greenspan said that consciousness and education have increased. Hence, gains can amplify speedier than before.
Will Warren, co-founder of 0x, thinks the market is experiencing healthy consolidation. According to him, the adoption of Bitcoin and other related technologies will become a long-term trend.
Blockchain Technology in a Bull Run
Ex-Barclays and Goldman Sachs banker, Jonathan Levi, conveyed the promising decentralized technology to be in a bull run, even if BTC price is rather bearish. He further points out that banks within the EU are vigorously investing in blockchain technology and the roots of this can be found in Bitcoin.