Arthur Hayes, former CEO of BitMEX, claimed that Ethereum (ETH) will outperform Bitcoin (BTC) graphically.
While underlining that too many long positions have accumulated for BTC, Hayes stated that the crypto market is still in a bear market. Noting BTC’s $17,500 support level, the former CEO stated that investors should be cautious.
BitMEX Founder Views ETH Chart More Positive Than BTC
According to Hayes, the fluctuations in the global economy, along with the Fed’s regular interest rate hikes, put a great deal of pressure on cryptocurrencies. While global fluctuations significantly reduce the liquidity of cryptocurrencies, they are also driving BTC bulls out of the market.
Evaluating the BTC chart that goes in parallel with the Fed, Hayes said;
“While watching the fluctuations and impulses of the USD liquidity index, the level of concern for BTC is observed at $ 17,500. The most likely course of action is to retest this low. Whether it stays on the line or not will completely determine the course of the USD liquidity index.”
From Hayes, BTC vs ETHFor the founder who is expecting dark days in BTC, ETH stands out as a better option. Hayes argued that in ETH, the second largest cryptocurrency by market cap, the bulls are still stronger. In terms of price performance, he stated that a possible rise can be expected for ETH, which has switched to a new system.
Claiming that the level of 10 thousand dollars for ETH is unlikely, Hayes said;
“I am confident that the structural reduction in the supply of ETH will definitely lead to a better performance against BTC. However, if the Fed continues with its liquidity reduction plans, the probability of ETH reaching five-digit prices by the end of the year will decrease.”
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