Authur Hayes, the co-founder and former Chief Executive Officer (CEO) of cryptocurrency trade and buying and selling platform, BitMEX has launched one other weblog submit, predicting a serious hearth sale and a potential price decline for Bitcoin, the world’s largest cryptocurrency.
Bitcoin Fire Sale Imminent
In his blog post, Hayes offered an in depth evaluation, explaining his views on how the Bitcoin halving occasion would adversely affect the price of the cryptocurrency.
The Bitcoin halving is an prevalence that takes place each 4 years which reduces Bitcoin miner block rewards by half. This, in flip, decreases the quantity of Bitcoin created and results in a rise within the cryptocurrency’s worth.
While most analysts within the crypto market anticipate a bullish rally for Bitcoin and different altcoins throughout the halving occasion, Hayes holds a extra contradictory view, suggesting that the halving interval may as a substitute provoke a extra bearish motion than anticipated.
Hayes has acknowledged that the price of Bitcoin and different cryptocurrencies are more likely to pump throughout the halving interval, at the least within the medium time period. However, the BitMEX co-founder has additionally predicted that the value motion of Bitcoin each earlier than and after the halving occasion may potentially turn negative.
He revealed that as a result of the 2024 Bitcoin halving coincides with a interval of diminished liquidity within the United States Dollar (USD), it may doubtlessly ignite a “raging fire sale for crypto assets.” The crypto founder additionally foresees the value of Bitcoin and different cryptocurrencies plummeting round this time.
As a consequence, Hayes has suggested the broader crypto neighborhood to chorus from buying and selling cryptocurrencies throughout this era. He emphasised that when nearly all of the market contributors agree on a particular final result, corresponding to a rally induced by the Bitcoin halving, the market tends to maneuver in the other way.
Despite his charming predictions, Hayes conceded that the crypto market may defy his bearish forecasts, basically recognizing the speculative nature of his prediction.
Hayes Says April Is The Best Time To Short Sell
In his weblog submit, Hayes unveiled that the interval from April 15 to May 1, 2024, can be precarious for dangerous belongings within the monetary sector. This is attributed to tax funds draining liquidity from the system and Quantitative Tightening (QT) accelerating throughout this timeframe.
The crypto founder has urged that this era would possibly doubtlessly current a primary brief place for merchants, indicating that April might be the best month for short selling. He predicts that after May 1, the market will revert to its “regular programming.”
BTC worth above $70,000 | Source: BTCUSD on Tradingview.com
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