Arthur Hayes Predicts More Declines For BTC: ‘Hold Onto Your Butts’
Bitcoin (BTC) has fallen below the $80,000 mark for the first time in almost four months, and market analysts believe the crypto asset could witness more bloodshed over the weekend.
Such were the words of Arthur Hayes, the co-founder and former CEO of the crypto exchange and derivative trading platform BitMEX, in an X post. Hayes believes that BTC could experience more significant declines to below $80,000 before Monday.
Incoming Violent Wave For BTC
According to Hayes, BTC is recording more declines in this current wave. On Friday morning, the crypto entrepreneur admitted that he was tempted to increase the risk of his holdings. However, after conducting additional analysis of Bitcoin’s price action, the entrepreneur concluded that the cryptocurrency could experience one more violent wave below $80,000. Hayes said that after the violent wave, which would most likely occur over the weekend, there would be “crickets for a while,” meaning that BTC would consolidate and be trade range-bound for some time.
“Hold onto your butts,” Hayes said, urging market participants to hang on as the ride is about to get rougher.
In the last 24 hours, BTC has fallen by roughly 10%. Data from CoinMarketCap shows that the asset has a 24-hour high of $87,000 and a low of $78,344. At the time of writing, the digital currency was trading at $79,800, and its price fluctuated frequently within seconds. Going by Hayes’ prediction, BTC could plummet to $70,000 or even further within the next 72 hours.
Over $932M in Liquidations With BTC at $78K
Bitcoin’s current condition aligns with a prediction Hayes made a month ago. CryptoPotato reported that the BitMEX co-founder forecasted a turbulent path that would see the asset tumble to between $70,000 and $75,000. He said a mini-financial crisis would trigger the turbulence. At the time, BTC was trading at around $98,000.
However, Hayes has maintained a bullish stance on Bitcoin’s long-term outlook, stating that the Federal Reserve’s resumption of money printing would push the cryptocurrency to $250,000 by the end of the year.
In the meantime, the price movements of bitcoin have erased nearly all gains made since the U.S. presidential elections. According to CoinGlass data, the total number of traders who have been liquidated has increased to over $932 million, with over 227,000 traders having done so in the last 24 hours. The post Arthur Hayes Predicts More Declines For BTC: ‘Hold Onto Your Butts’ appeared first on CryptoPotato.