Bitcoin price has fallen to $53k but Arthur Hayes expects it to fall further.
Bitcoin prices fell below $53,000 on Friday, the lowest level since “Black Monday” following macroeconomic turmoil in early August.
The failure seems to fully confirm the prediction of BitMEX co-founder Arthur Hayes, who still believes that there may be more pain to come for crypto holders.
Bitcoin traded at $56,925 at 1:25 PM UTC, before falling to $52,871 at 8:55 PM UTC. It trades for $53,500 at the time of writing. On Thursday, Hayes predicted that Bitcoin could fall further in the next couple of days. “BTC is tough, I'm seeing sub $50k this weekend,” he tweeted. “I raised a cheek short. Pray for my soul: I'm a pessimist. In early August, Bitcoin fell below $50,000 after the Bank of Japan raised interest rates for the first time in more than a decade. However, the BOJ vowed not to raise rates until it threatened market stability. Bitcoin and the broader market rebounded quickly this week, however, as weak US economic data continued to point to an impending recession. ) blames rising deposits on the broader market. In his essay, he stressed that the bullishness is “temporary” and will probably only last until the end of the month before the Federal Reserve and the US Treasury take more liquidity. “I expect intervention to begin in late September.” “Between now and then, Bitcoin will continue to chip away at the best, and altcoins will likely go deeper into the hole,” he said.
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