Arthur Hayes expressed today a grim outlook on the Bitcoin’s near future. Hayes’ X profile shows a bleak future for Bitcoin. revealed His personal market maneuver is stating. “BTC is heavy, I’m gunning for sub $50k this weekend. I took a cheeky short. Pray for my soul, for I am a degen.”
Hayes could be expecting a Bitcoin price crash
Hayes didn’t give a reason behind his predictions, but his timing was in sync with the release of important US economic data this Friday. In recent months, the US employment data has played a crucial role for analysts. Kobeissi’s Letter analyst, commenting The Federal Reserve has been influenced by the unemployment statistics to a greater extent than before.
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The explanation was via X. “Prediction markets are now pricing in 4 rate cuts in 2024, or 100 bps of cuts, for the first time since the August 5th crash, according to Kalshi. Over the last 2 days, prediction markets have priced-in an additional rate cut in 2024. This comes as labor market data has deteriorated around the board. It’s clear that unemployment data is quickly becoming the primary driver of Fed policy, along with inflation.”
Analysts believe that today’s US jobs report is the most important factor to determine if US Federal Reserve will reduce interest rates 50 basis points or by 25 basis points. What’s next? FOMC meeting The event will take place on September 17-18 2024. The event will take place on September 17-18, 2024. rate cut is coming. “The Kobeissi analyst believes that the interest rate expectation has again shifted too dovish.”
The data that were released this week highlighted a deterioration in the situation of the labor market. The JOLTs report shows that US job openings fell from 7.91 to 7.67 millions in June. This is the lowest number since January 2021. The analysts had expected a number of around 8,09 million. This is a big difference from the expectations.
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The Kobeissi Letter calls this reduction, which has occurred since March 20, 2022, as “alarming”. “MASSIVE.” You added. “The most notable drop was seen in construction openings which fell to 248,000 in July, their lowest since October 2020. Meanwhile, the ratio of job vacancies to unemployed workers fell to 1.07 in July, in line with 2018 levels.”
The negative sentiment in the Bitcoin market is undoubtedly due to the backdrop of weakened job numbers and revised economic predictions. Hayes appears to be expecting more negative macro-data, and he thinks that this could drive the Bitcoin price down below $50,000.
Does $46,000 Really Mean the Bottom?
Peter Brandt added to the chorus with his technical analysis. “inverted expanding triangle or a megaphone” Pattern in Bitcoin’s Weekly Chart. Brandt highlighted Bitcoin could test the lower boundary of $46,000. This would indicate that the selling pressure is greater than the buying interest.
I pointed this out. “This is called an inverted expanding triangle or a megaphone. A test of the lower boundary would be to 46,000 or so. A massive thrust into new ATHs is required to get this bull market back on track BTC. Selling is stronger than buying in this pattern.”
BTC was trading at $55,767 as of the time this article went to press.
Featured picture from YouTube. Charts from TradingView.com
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Source: www.newsbtc.com
