Former BitMEX CEO Arthur Hayes and MAI Capital strategist Chris Grisant shared their thoughts on the 2022 outlook for the altcoin market. Experts expect a sharp pullback across the market, but Bitcoin or Ethereum won’t be hit the hardest. cryptocoin.com We convey the evaluations of the experts…
Arthur Hayes shared that he expects a 90% collapse
Former BitMEX CEO Arthur Hayes predicted that altcoin projects could drop 90% from where they are currently trading. Hayes also suspects that “diamond hands” could save Bitcoin from a “catastrophic fall”. He argues that institutional investors will not hesitate to leave their positions due to changing market conditions. However, he believes that the two leading cryptocurrencies, Bitcoin and Ethereum, will drop much less compared to the alternatives:
If I believe that in a three to six month timeframe Bitcoin can trade below $30,000 and Ether below $2,000, I will trash all my sh*tcoins… These cryptocurrencies can drop from 75% to 90% at a true crypto exposure.
Hayes also draws attention to the positive correlation between the growth of the Fed’s balance sheet and the price of Bitcoin. The “printing money” narrative is no longer valid, according to the crypto expert, now that the central bank has persistently turned down its bond purchase:
If M2 is set to reach 0% soon, and possibly even negative, the natural consequence is that Bitcoin (the number of users processed over the network) will likely be much lower.
Chris Grisanti: Altcoin projects will be hit hardest
Chris Grisanti, another expert MAI Capital strategist whose analysis we will take a look at, predicts that 2022 will likely be a more difficult year for crypto. Grisanti thinks that the new asset class will likely step up the regulatory game of various countries around the world, claiming that it will be the victim of its own success. According to the analyst, market giants Bitcoin and Ethereum could withstand a possible regulatory attack, but altcoin projects will be hit hardest. Grisanti says Bitcoin will really benefit from regulation as institutions grow more comfortable with the idea of adding “digital gold” to their portfolios.
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