Authur HayesThe co-founder of the cryptocurrency trading and exchange platform and its former CEO, BitMEX Another blog has been released, this time predicting an upcoming major sale. potential price decline Bitcoin, the biggest cryptocurrency on earth.
Bitcoin Fire Sale Imminent
He is a blog postHayes gave a thorough analysis explaining how the Bitcoin halves would negatively impact on Bitcoin. affect the price of the cryptocurrency.
The Bitcoin halving This occurs every four years and reduces the Bitcoin mining block rewards in half. It reduces the number of Bitcoins created, and increases the value of the currency.
Most analysts on the cryptocurrency market are wrong. anticipate a bullish rally for Bitcoin Hayes has a different view. He believes that the halves could have a negative impact on altcoins.
Hayes acknowledges that Hayes the price of Bitcoin At least on the medium-term, other crypto-currencies are also likely to surge during the period of halving. BitMEX’s co-founder, however, has predicted that Bitcoin prices could rise before the halving and then fall after. potentially turn negative.
He said that the halving of Bitcoin in 2024 coincides with the period when the Bitcoin market is experiencing a decline. United States Dollar (USD)It could ignite. “raging fire sale for crypto assets.” He also predicts Bitcoin’s and other cryptocurrency prices plummeting This time of year, you can expect to see a lot more people.
Hayes, therefore, has advised that the crypto-community as a whole refrain from trading cryptocurrency during this time. Hayes emphasized the fact that the markets tend to go in the other direction when most market participants are on the same page, like a Bitcoin rally caused by halving the price of Bitcoin.
Hayes acknowledged that the cryptocurrency market might defy all of his predictions. bearish forecastsHe was aware of the fact that his forecasts were speculative.
Hayes: April is the Best Month to Short-Sell
Hayes, in a blog post, revealed that from April 15 until May 1, 2024 would be a precarious period for assets with risk. financial sector. It is believed that this was due to the fact that taxes were draining cash from the system at a time when Quantitative Tightening had been intensifying.
This period could present an ideal shorting opportunity for traders. The founder of the crypto has indicated that April may be a perfect month to do so. short selling. After May 1, he predicts, the market will return to its previous levels. “regular programming.”
BTC above $70,000 Price | Source: BTCUSD on Tradingview.com
Featured picture from CNBC. Chart by Tradingview.com
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