Arthur Hayes On Bitcoin: 'I Think We Break $40K,' Traders See 'Halving In 4 Months' For Next Price Upswing
Portfolio Pulse from Khyathi Dalal
Arthur Hayes, BitMEX co-founder, predicts Bitcoin (BTC) could fall below $40,000, contrasting his previous bullish stance. He mentioned going long on $35k strike puts ahead of the US Treasury quarterly refunding announcement. Bitcoin recently dropped below $41,000, a 20% correction from its $49,000 high post-Spot Bitcoin ETF approvals. Despite short-term bearishness, some analysts and traders remain optimistic due to the upcoming Bitcoin halving in April 2024.
January 22, 2024 | 7:42 pm
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Arthur Hayes predicts a potential drop below $40,000 for Bitcoin, indicating short-term bearish sentiment. Bitcoin has already experienced a significant correction, and traders are cautious ahead of the US Treasury's quarterly refunding announcement.
Hayes' prediction of Bitcoin dropping below $40,000, along with his personal investment in puts, suggests a bearish outlook that could influence market sentiment. The recent price correction and upcoming halving event add to market uncertainty, potentially impacting Bitcoin's price negatively in the short term.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100