Arthur Hayes, one of the co-founders and ex-CEO of BitMEX, the well-known cryptocurrency trading platform and exchange, has recently published a new blog entry. In this post, he shares his forecast for a significant drop in Bitcoin‘s price and a potential fire sale event for the world’s leading digital currency.
Bitcoin Fire Sale Imminent
In his blog article, Hayes offered an in-depth examination of his views on how the Bitcoin halving could potentially lead to a decrease in the digital currency’s price.
Every four years, the Bitcoin system automatically cuts in half the number of bitcoins rewarded to miners for verifying transactions. Consequently, fewer new bitcoins are generated, causing the currency’s value to potentially rise due to increased scarcity.
Many cryptocurrency experts believe that the upcoming halving will lead to a surge in Bitcoin and other digital coins’ prices. However, Hayes offers a differing perspective, predicting that this event might actually trigger a more significant price drop than previously assumed.
The cost of Bitcoin and other cryptocurrencies, according to Hayes, is expected to increase significantly during the halving process in the intermediate term. Nevertheless, he has cautioned that the price trend for Bitcoin might take a downturn both preceding and following the halving event.
The crypto founder warned that the coincidence of the 2024 Bitcoin halving with reduced USD liquidity in the US market could lead to a massive sell-off of crypto assets, causing their prices to drop significantly.
Hayes warned the crypto community against trading during this time based on his advice. He highlighted that when most market players anticipate the same outcome, such as a Bitcoin rally due to halving, the market often goes in the opposite direction instead.
Although Hayes’ predictions about the crypto market were compelling, he admitted that it might not follow his bearish view, acknowledging the market’s unpredictable and speculative character.
Hayes Says April Is The Best Time To Short Sell
In his recent blog entry, Hayes warned that the financial market’s riskier assets could face instability between April 15 and May 1, 2024. This potential volatility is believed to result from tax payments reducing available funds and Quantitative Tightening (QT) intensifying during this period.
The cryptocurrency creator has expressed the possibility that the current timeframe could offer an excellent opportunity for traders to short sell, implying that April may be the most suitable month for this strategy. He anticipates that following May 1, the market will return to its normal trend.
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2024-04-09 18:04