Arthur Hayes, one of the founders of BitMEX recently shared his views on Bitcoin price predictions. The latest prediction caused some consternation among market players as they expected the price of BTC to trade lower. He stated, “I think the price of BTC will fall below $40,000.”
This change in sentiment comes after he made a bullish long-term forecast for Ethereum (ETH) at the $5,000 price level and Solana (SOL) at the $200 level. In addition, this change also coincides with the announcement of quarterly periodic refunding from the United States Department of Finance.
Arthur Hayes, who is also the co-founder of crypto exchange platform BitMEX, shared his bearish view on Bitcoin in a post on January 22.
Hayes stated, “BTC looks very lethargic. I think we will fall below $40,000.” He added that the price of BTC will continue to decline until the US Treasury's quarterly periodic refunding announcement on January 31. US Treasury Secretary Janet Yellen has the potential to push BTC prices lower with her bearish comments, but the community is waiting for a paradigm shift in momentum.
In a previous post on the same day, Arthur Hayes stated that SPX and BTC stopped trending together after the implementation of the US Bitcoin ETF. He pointed to liquidity problems in the market as investors await important macro announcements.
BTC price continued to decline after Arthur Hayes' post and dropped to $40,027. The price is currently trading at $40,743. The low and high in the 24-hour period were $40,364 and $41,855. In addition, trading volume increased by 72% within 24 hours, showing interest among traders.
