Bitcoin Today: BitMex says correction for 1.5 years more

Price
One more dip brought the price to the support level 6250, this time the movement triggered buyers and price was brought back up to 6400 level. Still, the hike only shows that 6250 level still has a lot of supportive power, there is no turnaround pattern seen yet. So, for now, we have a channel 6250 – 6400, which probably will be traded-through in nearest days; Breakthrough above 6600 and then 6800 should be considered as an upward signal; 5750 – 6250 remains a strong support.

Today forecast
Trading Channel 6250 – 6400.

Latest opinions

• Head of BitMex: Bitcoin stagnation could last for 1.5 years more
  The price of bitcoin and trading volumes may continue to fall for another one and a half years. Arthur Hayes, head of the BitMEX cryptocurrency derivatives trading platform, expressed this opinion in an interview with Yahoo Finance.
  “My view is the volatility environment that exists right now could persist for another 12 to 18 months, the flatness.
  I’m just basing it off my previous experience. I started in bitcoin in 2013 when the price went from $250 to $1,300 and then 2014 to 2015 was sort of the nuclear bear market. Price crashed, volume crashed — very, very difficult to make money.”
  He also added that trading volumes may be even lower than now.
  While the head of BitMex sees a bearish mood in the market, other representatives of the industry are still more optimistic.
  Will Warren, the co-founder of 0x, told Yahoo Finance UK in a phone interview: “Having followed this space since 2011, we’ve seen a number of different cycles where a large number of people start to get interested in the technology and it kind of winds up and then winds downs again.”
  “The market is blowing off some steam right now,” he added. “I think the market is probably going through some healthy consolidation but I do believe the long-term trend will be greater adoption of bitcoin and similar technologies.”
  Jonathan Levi, a former Barclays and Goldman banker who now helps banks implement blockchain as CEO of startup HACERA, told Yahoo Finance UK:
  “I think when the bear market is put in context it gives you more clarity – you’re looking at a bear-sized drop but from an astonishing height.
  The price of bitcoin is undoubtedly in a bear market but in the application of bitcoin and other blockchain projects we are in fact in a bull market. Most of the EU banks are actively investing in blockchain and that all originally stems from bitcoin.”
  Despite the decline in trading volumes and volatility, derivatives worth more than $ 1 billion are traded on BitMEX daily. Earlier this year, the overall price of traded contracts on the platform exceeded $ 8.5 billion per day.