BitMEX Research just made predictions for the state of Bitcoin and cryptocurrency in 2020. It predicts a rather sour state of crypto in 2020. It includes ironies and even mocks Craig Wright about his claims of being Satoshi Nakamoto.
First, the predictions made by BitMEX research on the price of Bitcoin [BTC] and state of crypto markets is primarily bearish. According to them, Bitcoin will stay within $15000 – $2000 range. While $15000 will necessarily be a 2x from current value, the range below is highly frightening.
On Bitcoin Dominance in a Bear Market
The dominance of Bitcoin over the cryptocurrency market is currently at 68.9%. According to their predictions, the dominance of Bitcoin will be somewhere between 30%-75%. Hence, setting the range for a potential downside.
In the 10 years history of Bitcoin, never before has the dominance dipped in a bear market. However, if we combine the two analyses, it projects a higher probability of increasing sats with altcoins.
BitMEX Takes a Jibe a Binance IEO
Recently, the research wing of the exchange also released a report on IEOs in 2019. The exchange attempts to make one thing clear – IEOs are no different than ICOs. The research cites that,
Despite Bitcoin appreciating in value since May 2019, all 11 IEOs we provided performance data for have significantly declined in value in the period.
In its most recent 2020 predictions, it reports an 80% drop in the value of MATIC. Ironically, the exchange has tagged English Football Player, Namanja Matic in the post. However, combining with the recent report on IEOs it clearly takes a jibe at the Matic Network. It has been spearheaded by Binance.
Will Craig Fall from his Mountain of Lies?
Last but not least, the comment on Criag Wright is hilarious as well. Wright has persistently claimed himself as Satoshi Nakamoto even contesting the fact in court. In his recent scuffle in US Federal Court with Ira Klieman, Wright stated that the 1 million Bitcoin that he apparently allocated during the genesis of Bitcoin has been locked until 2020 by a code.
BitMEX Research predicts how he will deter the predictions for the year after that.
– $BTC over $2,000, but also under $15,000
– $BTC dominance under 75%, but also over 30%
– CSW says: 2021 is year the Chinese shutdown BTC mining & 1m of his coins hit the market (Whatever else)
– #MATIC falls in value by over 80% @NemanjaMatic
Happy New Year
— BitMEX Research (@BitMEXResearch) December 24, 2019
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com