Bitcoin Crash Looming? BitMEX's Arthur Hayes Predicts Rug Pull Dropping Price By 40%
Portfolio Pulse from Murtuza Merchant
Arthur Hayes, BitMEX founder, predicts a potential 20-30% correction in Bitcoin's price by early March 2024 due to economic indicators and market trends. He cites the declining Reverse Repo Program balance, the expiration of the Bank Term Funding Program, and the Federal Reserve's interest rate decision as key factors. Despite this, he also sees a possibility for Bitcoin's price to surge above $60,000 driven by U.S.-listed spot Bitcoin ETFs. Hayes plans to short the crypto market with Bitcoin puts in the short term and then buy Bitcoin post-correction.
January 05, 2024 | 4:36 pm
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Arthur Hayes predicts a potential 20-30% drop in Bitcoin's price by early March 2024, influenced by liquidity and market trends, but also a possible surge above $60,000 due to U.S.-listed spot Bitcoin ETFs.
Hayes' prediction of a significant price correction for Bitcoin is based on his analysis of liquidity factors and economic policies that could lead to a risk-off behavior and sell-offs in volatile assets like Bitcoin. The potential for a surge in price due to U.S.-listed spot Bitcoin ETFs adds complexity to the prediction, but the overall tone suggests a bearish outlook in the short term.
CONFIDENCE 75
IMPORTANCE 90
RELEVANCE 100