BitMEX founder predicts BTC will have a “healthy” adjustment
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Arthur Hayes, founder and former CEO of BitMEX cryptocurrency exchange, has shared a pessimistic prediction for the price of Bitcoin (BTC).
According to reports on January 5 blog postCryptocurrency entrepreneur and executive Arthur Hayes expects Bitcoin to be 20% to 30% higher than its year-to-date price expectations by March 2024. this year,” Hayes wrote.
Hayes believes that if the U.S. Spot Bitcoin ETF starts trading, the damage to the Bitcoin price will be severe.
“Imagine if hundreds of billions of fiat currencies are expected to flow into these ETFs in the future, Bitcoin will rise above $60,000 and approach the 2021 all-time high of $70,000. Due to the pull of USD liquidity, I may see 30% to a 40% correction.“
Arthur Hayes, founder of BitMEX
As a result, Hayes said he would not buy Bitcoin until “the March decision date has passed.”
“I think I’m a pretty good trader when I’m focused. I’m going to try to get the top of the market in late February and then buy a pretty large put position.”
Arthur Hayes, founder of BitMEX
BTC is currently trading at $43,660, recovering slightly amid speculation about the launch of a Bitcoin ETF. The coin has gained 1% in the past 24 hours but remains below the key $45,000 level.
This is not the first time cryptocurrency industry players have made statements about the potential for a major correction in Bitcoin.
In December, QCP Capital analysts said that BTC could fall to $36,000 after the approval of a spot Bitcoin ETF. They believe the fund may not receive the expected influx of funds in the first few weeks after launch, which would lead to a price correction in the original cryptocurrency.
