Hayes, in a blog post on Monday, also said the same dynamic could drive Ether to $2,500.
Expectations for a series of interest rate increases by the Federal Reserve in coming months have weighed on crypto and tech stocks recently, with the Nasdaq 100 Index losing 3.6% last week and Bitcoin briefly dipping below $42,000 on Monday.
Bitcoin’s 90-day correlation with the Nasdaq 100 is at a record, undermining the token’s appeal as an instrument for diversification.
“As we move into year end and 1Q 2022, I don’t see how we can take out Bitcoin at $69,000 or Ether at $5,000,” he wrote Dec.
That prediction proved prescient, with Bitcoin spending most of this year mired in its tightest trading range since mid-2020.
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