Arthur Hayes Turnaround on Bitcoin with Short and $50,000 Target

Bitmex co-founder Arthur Hayes’ perspective on Bitcoin changes. He is now estimated to be worth less than $50,000. This contrasted with his view from last month.

BitMEX co-founder Arthur Hayes has changed his outlook on Bitcoin and is now predicting a drop below $50,000.

Hayes tweeted: “BTC is huge, I’m gunning for sub $50k this weekend. I took a cheeky short. Pray for my soul, for I am decayed.

The bearish position contrasts with his optimistic outlook just weeks ago.

On August 13, Hayes predicted a rise in the price of Bitcoin due to anticipated US Treasury liquidity measures. At that point, Hayes said, bitcoin could surpass its all-time high of $73,700, and “the next stop for bitcoin is $100,000.”

He noted that the US Treasury plans to inject between $301 billion and $1 trillion into the markets before the end of the year, which “will create a spectacular bull market in all types of risk assets, including crypto, by election time.”

On average, September has historically been a Tough month for BitcoinShows a -5% normal return and ranks as one of the weakest months of the year. In contrast, October averaged a strong rebound at around +23%.

On Friday, Bitcoin closed at $53,940Its lowest daily close since February 26.

Related TopicsBitcoinerthur Hayes

Leave a Comment