Arthur Hayes, a prominent figure in the cryptocurrency industry and one of the co-founders of BitMEX exchange, has made a forecast regarding the future price of the #leading digital currency.
According to Hayes, the value of the first cryptocurrency is expected to experience a significant decline, potentially dropping below the $40,000 mark. Hayes bases his prediction on the upcoming release of the US Treasury's quarterly refinancing report, which he believes will have a negative impact on the cryptocurrency market.
$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
He anticipates that this downward trend will persist until January 31, causing a temporary decrease in the price of the first cryptocurrency.
To capitalize on this projected decline, Hayes has taken a strategic position in the market. He has purchased "several" put options, which give him the right to sell the first cryptocurrency at a predetermined price of $35,000. These options have an expiration date set for March 29, 2024, allowing Hayes to potentially profit from the anticipated price drop.
It is worth noting that Hayes previously expressed an optimistic outlook for the crypto market in November 2023. At that time, he stated that the market had entered a "#bullish" phase, and he predicted substantial price increases for both bitcoin and #Ethereum. Specifically, he forecasted a price of $1 million for bitcoin and $100,000 for Ethereum.
