CEO of BitMex is Very Bullish On Ethereum, Says ETH Price to Hit $5000 on Merger

Arthur Hayes, the CEO of a popular cryptocurrency exchange BitMex has set a bullish target for Ethereum price ahead of the Merger. The founder in his blog post said that the second largest crypto may hit $5000 based on triple halving. 

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“I believe this is a conservative estimate because the structural changes to the demand/supply dynamic quill never are fully priced in a priori–just like how the bitcoin org bitcoin org Event OrganiserTechnologyPayment solution Followers : 0 View profile halvings continuously produce positive returns, even though we know well in advance when they will occur,”

The above estimate is based on the Fed Pivot which he believes has occurred on 27 July 2022, while the Merger is scheduled in September. The founder further believes that the merger may make huge noise as the miners have already started making a move. 

While arthur hayes arthur hayes co-founder at 100x   Arthur Hayes is an American investor, business visionary, subsidiary merchant, Bitcoin advocate, and a fintech pioneer. He was the co-founder, and CEO of BitMEX alongside Ben Delo, and Samuel Reed. BitMEX was established in 2014, the parent organization is HDR Global Trading. He is the previous CEO of BitMEX and parent organization 100x Group. BitMEX is an advanced resource exchanging stage that has exchanged trillions of dollars on the cryptographic money trade. BitMex is situated in Seychelles. He is situated in Hong Kong. In October 2020, He ventured down as CEO of BitMEX.   BitMEX is the first crypto trade to be charged under the bank security act. The regulations expect that exchanges that are more than $10,000 should be accounted for. It is known as Know Your Customer (KYC) information. He ventured down from BitMex in October 2020. Alexander Hoptner supplanted Hayes as CEO of BitMEX. He moved to Hong Kong in 2008, to begin his speculation banking profession. He worked for Deutsche Bank, as a value subordinates broker, and for Citigroup for a long time. He functioned as the head ETF market producer for the two firms.    In 2011, He left Deutsche Bank and started working for Delta 1 broker for Citibank in Hong Kong. His interest in Bitcoin began in 2013, after perusing the Satoshi Nakamoto's white papers. He is the most youthful African American crypto tycoon ever. EntrepreneurInvestorChief Executive OfficerTrader Followers : 0 View profile ’s bet on ETH price without a Fed Pivot remains bullish with the price target of around $3562 which is again based on Bitcoin’s percentage gains after the halving. Moreover, the founder is concentrating his bets more on ethereum ethereum Blockchain NetworkTechnology Followers : 0 View profile rather than diversifying his investment. 

Ethereum (ETH) Price Analysis

The Ethereum price appears to be pretty bullish in all the time horizons as the asset is on the foothill of a massive explosion. The asset is consolidating heavily along the immediate resistance levels and waiting for a chance to slice through the resistance zone.

As mentioned in the above chart, the ETH price is swinging within an ascending triangle but pretty far from the apex. Therefore, the asset is expected to consolidate within the narrow range for some more time and as the merger approaches, the asset may break above the consolidation and hit $2000 initially.