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Crypto investor sentiment has plunged to “extreme fear” levels as BitMEX co-founder Arthur Hayes predicts Bitcoin will fall below $50,000 this weekend following the release of US jobs data today.
The Cryptocurrency Fear and Greed Index collapsed 7 points in the last 24 hours, bringing its score to 22 after a drop of 12 points last week.
Arthur Hayes Short Sells BTC
In a September 6 post on X, Hayes told his 534.2k followers that “Bitcoin is heavy.” He added that he “expects Bitcoin price to drop below $50,000 this weekend,” before also revealing that he has taken a short position on the largest cryptocurrency by market cap.
$BTC this is heavy, I’m aiming for less than $50,000 this weekend. I made a cheeky little decision. Pray for my soul, because I’m a degenerate.
— Arthur Hayes (@CryptoHayes) September 6, 2024
The prediction of Hayes comes after Bitcoin fell more than 2% in the past 24 hours to trade at $55,698.20 as of 3:45 a.m. EST.
Data from CoinGlass shows that around $98 million has been liquidated from the cryptocurrency market over the past day as traders prepare for the upcoming release of US jobs data, which will be key to the amount of theThe Federal Reserve cuts interest rates.
Michael Van De Poppe is more optimistic than Arthur Hayes and sees “the biggest bull of all time”
But prominent cryptocurrency trader and analyst Michael van de Poppe is more bullish on Bitcoin than Hayes. In a Sept. 5 post on X, he told his more than 724,000 followers that the likelihood of a potential crash is unlikely.
THE #Bitcoin The ramp-up is near
This is typical. The four-year cycle plays out like any other cycle, but its significance is comparable to that of the 1930s gold price crash or the 2000 crash.
The impact of $BTC will be huge in the next few days… pic.twitter.com/ZARsWX4qf8
– Michaël van de Poppe (@CryptoMichNL) September 5, 2024
Instead, he believes that “markets are preparing for the biggest bull run in history,” adding that it could be the “last” bull market before a “big” economic crisis hits.
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