5 months ago
Authur Hayes, the co-founder and erstwhile Chief Executive Officer (CEO) of cryptocurrency speech and trading platform, BitMEX has released different blog post, predicting a large occurrence merchantability and a potential terms decline for Bitcoin, the world’s largest cryptocurrency.
Bitcoin Fire Sale Imminent
In his blog post, Hayes provided a elaborate analysis, explaining his perspectives connected however the Bitcoin halving lawsuit would adversely affect the terms of the cryptocurrency.
The Bitcoin halving is an occurrence that takes spot each 4 years which reduces Bitcoin miner artifact rewards by half. This, successful turn, decreases the magnitude of Bitcoin created and leads to an summation successful the cryptocurrency’s value.
While astir analysts successful the crypto marketplace anticipate a bullish rally for Bitcoin and different altcoins during the halving event, Hayes holds a much contradictory view, suggesting that the halving play could alternatively initiate a much bearish enactment than expected.
Hayes has acknowledged that the price of Bitcoin and different cryptocurrencies are apt to pump during the halving period, astatine slightest successful the mean term. However, the BitMEX co-founder has besides predicted that the terms enactment of Bitcoin some earlier and aft the halving lawsuit could potentially crook negative.
He revealed that due to the fact that the 2024 Bitcoin halving coincides with a play of diminished liquidity successful the United States Dollar (USD), it could perchance ignite a “raging occurrence merchantability for crypto assets.” The crypto laminitis besides foresees the terms of Bitcoin and different cryptocurrencies plummeting astir this time.
As a result, Hayes has advised the broader crypto assemblage to refrain from trading cryptocurrencies during this period. He emphasized that erstwhile the bulk of the marketplace participants hold connected a circumstantial outcome, specified arsenic a rally induced by the Bitcoin halving, the marketplace tends to determination successful the other direction.
Despite his captivating predictions, Hayes conceded that the crypto marketplace could defy his bearish forecasts, fundamentally recognizing the speculative quality of his prediction.
Hayes Says April Is The Best Time To Short Sell
In his blog post, Hayes unveiled that the play from April 15 to May 1, 2024, would beryllium precarious for risky assets successful the fiscal sector. This is attributed to taxation payments draining liquidity from the strategy and Quantitative Tightening (QT) accelerating during this timeframe.
The crypto laminitis has suggested that this play mightiness perchance contiguous a premier abbreviated presumption for traders, indicating that April could beryllium the perfect period for short selling. He predicts that aft May 1, the marketplace volition revert to its “regular programming.”
Featured representation from CNBC, illustration from Tradingview.com
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