Arthur Hayes Bets Against Bitcoin Rally, Predicts Sub-$50k Dip
CryptoNewsTerminal Staff05 Sep, 2024
Arthur Hayes Bets Against Bitcoin Rally, Predicts Sub-$50k Dip
Arthur Hayes, former BitMEX CEO, has initiated a short position on Bitcoin (BTC), anticipating a price drop below $50,000 by the weekend. Hayes' short position signifies his belief that the recent BTC rally has stalled. "BTC has gone nowhere fast," Hayes said. "This weekend, I am betting on a break of $50,000." He expressed his reliance on luck, saying, "I went short, and now all I can do is pray." Hayes' prediction contradicts the broader market optimism surrounding BTC, which has seen a surge in value in recent months. However, his bearish outlook serves as a reminder of the inherent volatility within the cryptocurrency market.
