
BitMEX CEO Arthur Hayes Tips BTC Price Drop Under $50K by Weekend
Veteran trader Peter Brandt shared the BTC price chart also echoed Arthur Hayes’ bearish sentiment predicting a BTC price drop to $46,000 levels.
Veteran trader Peter Brandt shared the BTC price chart also echoed Arthur Hayes’ bearish sentiment predicting a BTC price drop to $46,000 levels.
Fear of further Bitcoin price capitulation in the short term significantly increased amid continued sell-offs from whale investors.
Bitwise’s BITB registered a net cash inflow of over $9 million on Wednesday, signaling rising confidence for Bitcoin among institutional investors.
If the Bitcoin DeFi TVL shall flippen Ethereum’s, a large number of Bitcoiners also need to contribute and get comfortable with the idea of putting their Bitcoin to work on-chain, said the DAO contributor.
Last year in 2023, the Bitcoin ATM scams resulted in more than $110 million in losses with a majority of the victims particularly from the age group of 60 and more.
Further signs of market caution are evident in the decline in open interest for Bitcoin futures on the CME Group platform, which has dropped to its lowest level since May.
This massive exodus of capital suggests that investors are gradually withdrawing from the ecosystem. It also coincides with Bitcoin’s struggles to find a support level.
A more aggressive Fed rate cut could signal a more assertive monetary policy stance, potentially leading to a pronounced market response.
Bitcoin price is not yet out of the woods as investors speculate on midterm economic uncertainties in the United States.
Blockstream CEO Adam Back also acknowledged the surge in whale activity. He pointed out that it happened when Bitcoin price dipped from over $62,000 to around $58,000.
The US spot Bitcoin ETF issuers have registered four consecutive days of notable cash outflow leading to a bearish outlook for the entire altcoin industry.
The decreasing supply of Bitcoin on exchanges comes as analysts forecast a potential rally in the fourth quarter of 2024.
The outflows from US spot Bitcoin ETFs come at a time when Bitcoin itself is struggling with its price.
The expiring options could lead to increased market activity and heightened volatility due to the large volume of contracts.
Although the long-term prospects for Bitcoin seem bright, its positive correlation with the altcoin industry suggests a rising confidence in the altcoin sector.