The founder and former CEO of the BitMEX cryptocurrency exchange Arthur Hayes shared a bearish forecast for the price of Bitcoin (BTC).
According to a Jan. 5 blog post, cryptocurrency entrepreneur and executive Arthur Hayes expects Bitcoin to experience a correction of 20% to 30% from anticipated gains in the year-to-date price in March 2024. “I am preparing for a vicious washout of all the crypto tourists in March of this year,” Hayes wrote.
In Hayes’ opinion, the loss in BTC price will be severe if spot Bitcoin ETFs in the US begin trading.
“Imagine if the anticipation of hundreds of billions of fiat flowing into these ETFs at a future date propels Bitcoin above $60,000 and close to its 2021 all-time high of $70,000. I could see a 30% to 40% correction due to a dollar liquidity rug pull. “
Arthur Hayes, BitMEX founder
For this reason, Hayes says he will not buy Bitcoin until “the March decision dates have passed.”
“I think I’m a decent trader when I’m focused. I will attempt to top-tick the market in late February and then buy a sizable put position. “
Arthur Hayes, BitMEX founder
BTC is currently trading at $43,660, having recovered slightly from its fall amid speculation about the launch of a Bitcoin ETF. The coin has increased by 1% in the last 24 hours, but is still below the key $45,000 level.
This is not the first time that crypto industry participants have made statements about a possible significant correction in Bitcoin.
In December, QCP Capital analysts said that after the approval of the spot Bitcoin ETF, BTC may drop to the $36,000. In their opinion, in the first weeks after the launch, the funds may not receive the expected influx of capital, which will lead to a price correction of the original cryptocurrency.
