Bitcoin Bear Market Could Last Another Year and a Half, Says BitMEX CEO

BitMEX CEO Arthur Hayes said we may not have seen the last of the bearish market for BTC in an interview with Yahoo Finance published Friday.

The entire sector is in a bear market right now, down from a peak of above $800 billion last year.

Oscar Williams-Grut October 31, 2018.'Flatness' in the Price of BTCAfter rapid plummets and spikes in recent weeks, the market value of BTC has leveled out at around USD 6,300, with another small spike in value on Friday.

"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."

Despite his less than upbeat view on the market, Hayes still seems confident on Bitcoin and was quoted as saying.

Founded in 2014, BitMEX is one of the largest crypto exchanges around, and the largest one to trade BTC derivatives.

Optimism on the Applications of BTCOther big players in the crypto space don't necessarily share Hayes' views on the market, thinking it could instead turn bullish.

"The market is blowing off some steam right now. 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."

Others like Jonathan Levi, formerly of Goldman Sachs and Barclays, echo that sentiment, saying the current bear market needs to be put into context.

Levi called the fluctuations in BTC a "Bear-sized drop, but from an astonishing height." BTC as a currency is in a bear market, he argues, but we are seeing more activity around blockchain projects and the application of BTC than ever before.