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- BitMEX co-founder predicts that BTC will plummet earlier than and after the Bitcoin halving.
- Hayes posits that the USD’s liquidity will likely be constrained throughout this era, leading to excessive crypto-selling pressures.
- Explaining a common pattern out there, he factors out that when a majority thinks of an final result, the other occurs.
The pioneer cryptocurrency, Bitcoin, has been experiencing fluctuations and volatility over the previous few weeks amidst anticipations of the upcoming Bitcoin halving. BitMEX co-founder Arthur Hayes, in a latest weblog publish titled “Heatwave,” predicted that Bitcoin will plummet earlier than and after the halving occasion.
Although Bitcoin skilled a bullish rally following the Spot Bitcoin ETF launch in January 2024, surging previous its earlier all-time excessive of $69k and setting a brand new all-time excessive of $73,700, it plummeted to $65k on the onset of April. Whereas analysts share totally different views on Bitcoin’s trajectory regarding the halving occasion, Hayes believes that the occasion will trigger vital worth dips.
As well as, Hayes asserted that the US greenback would expertise a liquidity constraint, leading to heightened crypto-selling pressures. He added that the quantitative tightening (QT) cycle will turn out to be free after Might 1.
The BitMEX co-founder additional highlighted the standard pattern in crypto markets. He wrote, “When most market members agree on a sure final result, the other normally happens.” Reinforcing his ideas available on the market stoop earlier than and following the halving, he posited,
At the moment, Bitcoin is buying and selling for $71,042, with a slight improve of 1.92% during the last 24 hours. In every week, Bitcoin has skilled a achieve of 6.41%, and in a month, a surge of three.95%.
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