BitMEX co-founder Arthur Hayes forecasts a significant correction in Bitcoin’s BTC price to $70,000-$75,000, followed by a potential surge to $250,000 by year-end, amid growing market volatility and concerns of a “mini financial crisis.”
What Happened: Hayes, who shared his outlook on X on Monday, plans to detail his analysis in a forthcoming essay series titled “The Good, The Bad, The Ugly.” The prediction comes as Bitcoin trades near $98,917, down 3.76% in the last 24 hours, following a sharp decline from recent highs above $105,000.
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The cryptocurrency market has seen substantial liquidations, with approximately $400 million wiped out in just four hours of trading on Sunday evening. Long positions accounted for $389 million of these liquidations, suggesting growing bearish sentiment among traders.
Trending: If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it?
Why It Matters: Technical analysts remain divided on Bitcoin’s trajectory. Cryptocurrency analyst Ali Martinez points to the invalidation of a head-and-shoulders pattern, suggesting a potential upside target of $122,000. Meanwhile, cryptocurrency chartist Rekt Capital emphasizes the significance of Bitcoin’s recent weekly closes above major resistance levels, historically a precursor to new all-time highs.
Major cryptocurrencies including Ethereum ETH/USD and Dogecoin DOGE/USD have also experienced significant declines, falling 5.60% and 7.50% in the last 24 hours, respectively.
This market volatility coincides with wider economic factors, including President Donald Trump‘s new tariffs on imports and anticipation of the Federal Reserve’s upcoming meeting. The CME FedWatch tool indicates a 99.5% probability that interest rates will remain unchanged at Wednesday’s meeting.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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