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Cryptocurrency News Articles
Arthur Hayes Changes His Outlook on Bitcoin (BTC), Now Forecasts a Dip Below $50k
Sep 07, 2024 at 07:39 pm
BitMEX co-founder Arthur Hayes has changed his outlook on Bitcoin and now forecasts a dip below $50,000.
Co-founder of BitMEX, Arthur Hayes, has changed his outlook on Bitcoin and now predicts a drop below $50,000.
Hayes tweeted, “BTC is heavy, I’m aiming for sub $50k this weekend. I took a cheeky short. Pray for my soul, because I am a degen.”
This bearish stance is a shift from his optimistic outlook just weeks ago.
On August 13, Hayes predicted a surge in Bitcoin price fueled by anticipated liquidity measures from the US Treasury. At the time, Hayes stated that Bitcoin could break past its all-time high of $73,700, adding, “The next stop for Bitcoin is $100,000.”
He pointed to the US Treasury's plans to inject $301 billion to $1 trillion into markets before the end of the year, which he said would “create a glorious bull market in all types of risk assets, including crypto, all in time for the election.”
Historically, September has been a challenging month for Bitcoin, with an average return of -5%, making it one of the weakest months of the year. In contrast, October tends to show a strong recovery with an average return of almost +23%.
On Friday, Bitcoin closed at $53,940, marking its lowest daily closing since February 26.
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