Key Points
- BitMEX CEO Arthur Hayes predicts a drop in Bitcoin price to below $50,000.
- Veteran trader Peter Brandt also forecasts a BTC price fall to $46,000.
Arthur Hayes, CEO of BitMEX, recently expressed concerns about the future movement of the Bitcoin price. He anticipates the BTC price will fall to under $50,000, as the cryptocurrency continues to experience selling pressure, currently trading at $55,775.
Hayes predicts a further 12% decrease in Bitcoin’s price from its current level. This prediction comes as the US releases its non-farm payroll (NFP) data, indicating declining employment in the private sector.
Market Uncertainties
The market is also facing uncertainties due to the upcoming Federal Reserve rate cut on September 18. Many analysts predict a 50 bps rate cut from the US central bank.
According to CoinGlass data, the broader crypto market has seen 24-hour liquidations rise to $99 million, with $76.9 million in long liquidations. On September 6, the Crypto Fear & Greed Index, a measure of market sentiment, dropped to 22, indicating “extreme fear”.
Other Predictions
Hayes is not the only one anticipating a drop in Bitcoin’s price. Peter Brandt, a seasoned trader, also believes the BTC price could fall to $46,000. He points to the formation of an “inverted expanding triangle” or “megaphone” which could drive Bitcoin down to $46,000 if it tests the lower boundary.
Brandt noted that Bitcoin is currently under strong selling pressure and needs to form a new all-time high to reverse the trend. He also expressed bearish sentiments earlier this week, citing lower highs and lows as troubling indicators. The lack of buying momentum, particularly after halving, suggests waning investor enthusiasm, further affecting market sentiment.
