Should Investors Bitcoin Price Dip or Pass It? Arthur Hayes Explains

9 hours ago by · 3 mins read

Bitcoin price plunged 8% to $76,100 in the past 24 hours, triggering over $1.4 billion in market liquidations, with Arthur Hayes calling it a buy-the-dip opportunity. 

Crypto market liquidations have soared to $1.4 billion in the last 24 hours as Bitcoin BTC $78 600 24h volatility: 1.1% Market cap: $1.56 T Vol. 24h: $90.59 B price collapsed 8%, slipping to $76,100 levels as of press time. Former BitMEX CEO Arthur Hayes believes that this is an opportune time for investors to buy the BTC dips while expecting that the Fed’s quantitative easing program could begin soon.

Buy the Bitcoin Price Dips, Says Arthur Hayes

In his recent message on the X platform, Arthur Hayes wrote about the current market volatility while acknowledging his previous call of BTC taking support at $76,500. However, BTC has already dropped under this support amid massive selling pressure.

In a humorous tone, Hayes wrote:

“So close fam. Oh what shall I do, if $BTC breaks below $76,500 my credibility will be in tatters.”

However, looking beyond the current volatility, Hayes stated that it’s the right time to buy the Bitcoin price dips while showing confidence in BTC’s potential for long-term upside.

In a more technical note, Hayes also pointed to the importance of the MOVE Index – a measure of US bond market volatility – as a key signal for when the Federal Reserve may intervene.

Hayes further warned that the rising MOVE levels could trigger forced selling in Treasury and corporate bond markets due to higher margin requirements. “These are the two markets the Fed will defend to death,” he added, highlighting that the period of quantitative easing (QE) could be nearing.

BTC Technical Indicators, More Pain Left Ahead?

Although Arthur Hayes predicts a QE and liquidity flow very soon, BTC has been moving opposite to his recent predictions. Furthermore, technical indicators warrant caution at this stage.

Crypto analyst Ali Martinez has flagged a key bearish indicator for Bitcoin price, which has a “death cross” formation, wherein the 50-day simple moving average (SMA) has just crossed below the 200-day SMA. “This technical signal often precedes extended downtrends, noted the analyst.

Bloomberg’s Senior Commodity Strategist Mike McGlone has cast doubt on Bitcoin’s long-term bullish momentum, questioning the conviction behind the “HODL” mindset. “Everyone’s in for the long-term – as long as it’s going up,” McGlone remarked, noting that while Bitcoin’s surge from $10,000 to $100,000 once seemed inevitable due to strong trends.

However, he added that the current market dynamics suggest a potential reversion path back toward the $10,000 level.

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