Arthur Hayes is bullish on ETH, predicts it could hit $20K, citing strong market signals, past cycles, and growing confidence in ETH over SOL.
BitMEX co-founder Arthur Hayes recently made headlines with his bold investment moves and optimistic predictions for Ethereum (ETH). In a recent interview, Hayes revealed that he has bought back ETH, signaling strong confidence in its future. He stated, “The chart shows it is going higher.” As a result, now he thinks Ethereum will reach highs of 20,000 by the end of this market cycle. Such bullish sentiments are exciting the crypto community.
Hayes Overweights ETH Over SOL, Sees Strong Upside
First of all, Hayes has decided to reinvest in ETH as a change of course. This move has seen him buy back Ethereum because market dynamics observed in recent months prompted him to do so. Namely, the high technical signals on Ethereum became one of the points that led him to make the switch. In addition, Hayes also contrasted ETH to Solana (SOL), another well-known cryptocurrency. Although he considers both assets to have potential, he is at the moment overweight in ETH. This means he has more Ethereum position than Solana.
Related Reading: Arthur Hayes Makes Significant Investments in HYPE, ENA, and ETH | Live Bitcoin News
In addition, the recent purchases of Hayes indicate his belief in the future of the Ethereum. On 6 August, he posted to the social media site X that no major economy is producing new credit quickly enough to fuel nominal GDP. In that article, he estimated Bitcoin reaching to 100,000 and Ethereum to 3000. In his latest ETH prediction, however, he is much more optimistic. This change of heart suggests that he believes Ethereum will continue to increase in the near term.
Moreover, it is worth noting that Hayes is optimistic about Ethereum’s potential when it takes off. Investors have been attracted to the current upgrades that the network is undergoing like: better scalability and energy efficiency. What is more, Ethereum has gained prominence in the use of decentralized finance (DeFi) and non-fungible tokens (NFTs). These factors may explain why Hayes thinks that ETH has value in the long-term.
Hayes Bullish on ETH, Cites Market History
On the other hand, Hayes’ predictions are not without risks. Crypto is a very volatile market and the prices are subject to change in rapid terms. Regardless of this, Hayes does not show any fear. He refers to the past data and market cycles to justify his forecast of a 20,000 in the future. As an example, the price of Ethereum has increased substantially as part of the bull run in the year 2021, reaching an all-time high of almost $4,900. Hayes considers that a new cycle can take ETH to new altitudes.
Currently, the role of Hayes in the crypto industry gives credibility to his forecasts. He is a founder of BitMEX, an exchange that has been one of the largest, and he has proven to recognize market trends in the crypto business. His recent exchange of Money has already triggered concerns among merchants and other analysts. Some concur with his optimistic sentiment, and there are those who are skeptical.
Finally, the choice to repurchase ETH and determine its target price at the level of 20,000 dollars has caught the attention of Arthur Hayes. The fact that he added more ETH to his portfolio and preferred it to SOL represents his conviction. Moreover, in his earlier August forecasts on Bitcoin and Ethereum, he illustrates his attention to macroeconomic dynamics. Notwithstanding the existing risks, Hayes has clearly been making disruptive decisions and predictions in the crypto world. Now, investors are tracking to see whether or not Ethereum will really acquire such levels.
