Maelstrom Fund chief investment officer Arthur Hayes has warned that mounting macroeconomic pressures could drag Bitcoin back down to the $100,000 level — and he’s already taken crypto profits in anticipation.
Hayes linked the recent crypto pullback to renewed tariff fears sparked by the disappointing Non-Farm Payrolls report, which showed just 73,000 new jobs added in the US in July — a sign of economic fragility.
Hayes has also warned of the dangers that Bitcoin poses. He cited the slow credit growth occurring in many major economies, which is limiting nominal growth.BTCEtherETHThe price of a ) might fall to levels between $100,000 and $3,000
Hayes sold over 13M ETH, ENA, and PEPE
It is not a good idea to use the word “you” comments The weekend has come. response A post on the blockchain analytics platform Lookonchain highlighted Hayes’ recent sale of $8.32 millions worth of Ethereum, and $4.62million of Ethena.ENAIt is estimated that the total cost of Pepe’s (PEPE) memecoin.
Hayes’ wallet which was used to carry out the recent sales now has tokens worth $28,3 millions, and $22,95 in USDC.USDC) stablecoin, according Arkham Intelligence Data
Bitcoin is on the brink of a double-digit correction
Hayes comments reflect a wider fear that macro-headwinds may halt crypto’s progress. Tight credit. renewed tariffs A softening of the job market could put pressure on risky assets. This would test investor confidence and trigger a possible correction.
Bitcoin’s price has dropped by over 7,7%. $123,000 all-time high Ether has fallen 12.5% in the last 12 months. eclipsing the $3,900 barrier CoinGecko has a special offer for July 28. data shows.
Bitcoin’s price dropping to $100,000 represents an 18.7% correction.
The Bitcoiners claim that this time is different
Many industry analysts believe that Bitcoin has passed the point of significant double-digit declines.
Eric Balchunas is a Bloomberg ETF Analyst. noted Since BlackRock’s spot Bitcoin ETF Bitcoin is expected to be filed in June of 2023. “much less volatility and no vomit-inducing drawdowns.”
Related: Ray Dalio sells final Bridgewater stake after predicting debt collapse
Mitchell Askew: Head analyst for Bitcoin mining company Blockware Solutions added: “The days of parabolic bull markets and devastating bear markets are over.”
Magazine: Crypto traders ‘fool themselves’ with price predictions: Peter Brandt
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Source: cointelegraph.com
