Arthur Hayes Predicts Bitcoin Price Crash Below $50,000 This Weekend
06 Settembre 2024 - 3:00PM
NEWSBTC
Arthur Hayes, the co-founder of BitMEX, today expressed a bleak
outlook for the Bitcoin price’s immediate future. On his X profile,
Hayes revealed his personal market maneuver, stating, “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.” Why Hayes Possibly
Expects A Bitcoin Price Crash While Hayes refrained from providing
explicit reasons for his prediction, the timing of his statement
closely aligns with significant US economic indicators set to be
released this Friday. The US jobs data has been a critical factor
for market analysts lately. The Kobeissi Letter analysts,
commenting on the situation, noted the increasing influence of
unemployment data on Federal Reserve policies. Related Reading:
100% Accurate Bitcoin Bottom Signal Hits: Time to Buy? They
explained via X that, “Prediction markets are now pricing in 4 rate
cuts in 2024, or 100 bps of cuts, for the first time since the
August 5th crash, according to Kalshi. Over the last 2 days,
prediction markets have priced-in an additional rate cut in 2024.
This comes as labor market data has deteriorated around the board.
It’s clear that unemployment data is quickly becoming the primary
driver of Fed policy, along with inflation.” According to the
analysts, today’s jobs report will be the key factor in determining
if the US Federal Reserve (Fed) will cut interest rates by 50 bps
or 25 bp. The next FOMC meeting takes place from September 17-18,
2024. “If the jobs report is in-line with expectations, or better,
we believe a 25 bps rate cut is coming. Interest rate expectations
appear to be shifting too dovish again,” The Kobeissi analysts
believe. Notably, the deteriorating labor market scenario was just
highlighted by data released earlier in the week. US job openings,
as reported by the JOLTs survey, fell to 7.67 million in July from
the previous 7.91 million in June, marking the lowest level since
January 2021. Analysts had anticipated a figure around 8.09
million, making the actual data a significant miss from
expectations. Related Reading: Senator Lummis Claims Bitcoin Could
Cut National Debt In Half By 2045 Since March 2022, job openings
have declined by an alarming 4.51 million, or 38%, a reduction that
The Kobeissi Letter describes as “MASSIVE.” They added, “The most
notable drop was seen in construction openings which fell to
248,000 in July, their lowest since October 2020. Meanwhile, the
ratio of job vacancies to unemployed workers fell to 1.07 in July,
in line with 2018 levels.” This backdrop of weakening job data and
revised economic forecasts has undoubtedly contributed to the bad
sentiment on the Bitcoin market. Hayes seems to expect more bad
macro data, which he believes could push the Bitcoin price below
$50,000. Is $46,000 The Bottom? Adding to the chorus of bearish
outlooks, renowned trader Peter Brandt also provided his technical
analysis, observing what he terms an “inverted expanding triangle
or a megaphone” pattern in Bitcoin’s weekly chart. Brandt
highlighted the potential for Bitcoin to test a lower boundary
around $46,000, underscoring a dominance of selling pressure over
buying interest in the market. He pointed out, “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.” At press time, BTC traded at
$55,767. Featured image from YouTube, chart from TradingView.com
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