As a seasoned analyst with over two decades of experience in financial markets, I find myself cautiously aligning with the bearish sentiments expressed by both Arthur Hayes and Peter Brandt regarding Bitcoin (BTC). Having witnessed numerous market cycles, I can’t help but notice some striking similarities between the current state of BTC and certain periods that preceded significant price corrections in the past.
As a researcher examining the current state of cryptocurrencies, I’ve noticed a recent warning from BitMEX CEO Arthur Hayes about potential Bitcoin price drops below $50,000. At present, the market seems to be undergoing selling pressure, with the Bitcoin price currently standing at approximately $55,775 and experiencing a 2.5% decrease as of this writing.
As a crypto investor, I’m bracing myself for a bearish trend with BTC. I’ve decided to take a risk and go short, aiming for prices below $50k by this weekend. Given my risky moves, I guess you could say I’m a ‘degenerate’ in the crypto world, so pray for me as I navigate these volatile markets!
— Arthur Hayes (@CryptoHayes) September 6, 2024
It’s anticipated that Hayes predicts a further decrease of approximately 12% in the Bitcoin price given its current value. The increased selling pressure for Bitcoin is occurring prior to the release of the US jobs data, specifically the Non-Farm Payroll (NFP) report set for Friday, September 6. Notably, the private sector employment in the U.S. has been decreasing, with a 20% drop from July to August, dipping below $100,000 levels.
Given the current unpredictability in employment sectors, everyone is eagerly waiting for the Federal Reserve’s anticipated rate reduction scheduled for September 18th. The majority of financial experts anticipate a 0.5% reduction in interest rates by the U.S. central bank.
According to CoinGlass’s latest data, total liquidations within the broader crypto market reached $99 million yesterday, with $76.9 million stemming from long positions being closed out. On September 6th, the Crypto Fear & Greed Index, a tool that measures investor sentiment, dropped to 22 points – signifying “extreme fear”. This represents a 7-point decrease compared to the previous day’s score, which indicated a “fear” sentiment.
Peter Brandt Predicts BTC Price Fall to $46,000
Arthur Hayes isn’t the only one predicting a drop in Bitcoin (BTC) prices below $50,000. Seasoned trader Peter Brandt has also shared a chart indicating a potential “inverted expanding triangle” or “megaphone” pattern for BTC. This formation could cause BTC to fall towards $46,000 once it touches the lower boundary of the pattern.
This structure is referred to as an “inverted expanding triangle” or a “megaphone” shape. If we test the lower boundary, it might reach around 46,000. To revive this bull market, a substantial push towards new all-time highs (ATHs) is necessary. However, at present, selling activity appears to be more dominant than buying in this pattern for Bitcoin ($BTC).
— Peter Brandt (@PeterLBrandt) September 5, 2024
He said that Bitcoin is currently facing strong selling pressure and that it must form a new all-time high to confirm the trend reversal. Earlier this week, Brandt also expressed bearish sentiments, citing lower highs and lows as troubling indicators. He noted that the lack of buying momentum, especially post-halving, suggests weakened investor enthusiasm, further impacting market sentiment
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2024-09-06 14:00