BitMEX co-founder Arthur Hayes predicts Bitcoin BTC/USD falling below the $40,000 mark, as Google search interest in crypto wanes.
What Happened: In his latest post on X, the cryptocurrency entrepreneur changed his tone compared to his last prediction that the bull market is just beginning and that Bitcoin would be around or above all-time highs by the end of 2024.
In the short term, Hayes is more bearish:
$BTC looks mad heavy. I think we break $40k. I went long some 29Mar $35k strike puts. I think we dump into the 31Jan US Treasury qtly refunding annc. Is Janet Yellen or Talkin'? pic.twitter.com/lyjqNmldzh
— Arthur Hayes (@CryptoHayes) January 22, 2024
Bitcoin plunged below $41,000 on Monday, a correction of more than 20% following its high of $49,000 in the aftermath of the Spot Bitcoin ETF approvals.
Coinglass data shows a moderate $30.86 million worth of long positions liquidated over the last 24 hours.
Bitcoin dominance currently stands at 50.03%, down from around 52% in October 2023.
Read Also: Bitcoin's Dip Doesn't Faze Cathie Wood: 'Backed By The Largest Computer Network'
What Other Analysts Say: Arthur Hayes changed his tune at least in the short run, mirroring the outlook of other analysts.
Cryptoquant founder and CEO Ki Young Ju took to X to highlight that old bitcoin is being moved: “Someone(s) broke an old piggy bank and distributed its contents, likely through OTC deals. The average dormancy of $BTC reached a five-year high just a few days ago.”
Jelle, a "long-term crypto and stock investor," stated: “Don't lose sight of the bigger picture. Halving in 4 months. Bull market not over.”
Titan of Crypto, Another Bitcoin investor and trader sees a correction playing out:
Next supports for #Bitcoin at $39,300 & $36,900.💥
— Titan of Crypto (@Washigorira) January 22, 2024
Past couple weekly candle closes were a bit bearish.
As I said in my previous analysis (check below) if these candles were to close like this a correction is likely and the target would be Kijun 🔵 currently at $36,900.… pic.twitter.com/MFKD9UmzXF
However, traders remain bullish in the medium term, with the halving in mind, with one trader saying: “Being bearish before the Halving is being appreciative of the now rare opportunity for deeper downside before Bitcoin enters its parabolic phase of the cycle after the Halving.”
The Bitcoin halving is scheduled for April 2024.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
