BitMEX CEO Arthur Hayes Tips BTC Price Drop Under $50K by Weekend

Coinspeaker
BitMEX CEO Arthur Hayes Tips BTC Price Drop Under $50K by Weekend

BitMEX CEO Arthur Hayes has recently raised a red flag on the Bitcoin price movement ahead stating that he’s taking bets for sub $50,000 BTC price levels. The Bitcoin price continues to face selling pressure and is down 2.5% trading at $55,775 levels as of press time.

$BTC is heavy, I’m gunning for sub $50k this weekend. I took a cheeky short. Pray for my soul, for I am a degen.

— Arthur Hayes (@CryptoHayes) September 6, 2024

Thus, Hayes is expecting another 12% fall in the BTC price from the current levels. The Bitcoin selling pressure comes just ahead of the US jobs data i.e. non-farm payroll (NFP) release on Friday, September 6. As we know, US employment in the private sector has been on a declining trajectory dropping under $100,000 levels in August, registering a 20% decline from the previous month of July.

Thus, amid this uncertainty in the jobs market, all eyes will be on the Fed rate cut ahead on September 18. Most market analysts are predicting a 50 bps rate cut from the US central bank.

As per the data from CoinGlass, the 24-hour liquidations across the broader crypto market have shot to $99 million with $76.9 million in long liquidations. On September 6, the Crypto Fear & Greed Index, which gauges market sentiment on a scale of 0 to 100, dropped to a score of 22, indicating “extreme fear”. This marks a seven-point decline from the previous day, when the index reflected a “fear” sentiment.

Arthur Hayes is not alone in predicting the BTC price crash to under $50,000. Veteran trader Peter Brandt shared the BTC price chart showing the formation of an “inverted expanding triangle” or “megaphone” which could drive BTC down to $46,000 upon testing the lower boundary.

This is called an inverted expanding triangle or a megaphone. A test of the lower boundary would be to 46,000 or so. A massive thrust into new ATHs is required to get this bull market back on track $BTC
Selling is stronger than buying in this pattern pic.twitter.com/ekDZUJXXgd

— 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 sentimentnext

BitMEX CEO Arthur Hayes Tips BTC Price Drop Under $50K by Weekend