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Home BUSINESS

Bitcoin Could Dump Below $40,000 in January and Here is Why

Michael Juanico by Michael Juanico
January 25, 2024
in BUSINESS, CRYPTO, FINANCE
Reading Time: 3 mins read
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  • Arthur Hayes, co-founder of BitMEX exchange, predicts Bitcoin will fall below $40k soon due to upcoming US Treasury announcement
  • Hayes bought put options on Bitcoin with $35k strike price, showing his confidence in price dropping in short term
  • Though recently bullish, Hayes now expects decline until Fed potentially cuts rates in March, which could spur a Bitcoin rally

Arthur Hayes, the co-founder of the BitMEX cryptocurrency exchange, believes that Bitcoin will decline below $40,000 in the near future.

JUST IN: Bitmex co-founder believes #Bitcoin will dump below $40,000 leading into end of month pic.twitter.com/vFehrdF8o4

— BlockNews.com (@blocknewsdotcom) January 22, 2024

Hayes’ Bearish Outlook

Hayes has adopted a pessimistic view on Bitcoin’s price, predicting a drop below $40,000. He cites the upcoming U.S. Treasury quarterly refunding announcement as a factor contributing to his revised outlook.

To back up his prediction, Hayes has acquired put options on Bitcoin, with a strike price of $35,000 set to mature on March 29. This trade indicates his confidence that Bitcoin will fall in the short term.

The Reasoning Behind the Drop

Hayes believes Bitcoin’s decline will continue until the U.S. Treasury’s quarterly refunding announcement on January 31. Historically, such moves by the Treasury have led to volatility in risk assets like Bitcoin.

After the announcement, Hayes expects the Federal Reserve could cut rates in March and renew liquidity programs. This would inject more money into markets and potentially spur a Bitcoin rally.

Hayes’ Previous Forecast

While Hayes currently predicts a Bitcoin drop, his January 16 forecast was more optimistic.

He suggested the total crypto market cap could surge above $13 trillion in 2022. Hayes believes the cap could surpass the previous all-time high from 2021.

The earlier forecast shows Hayes sees potential for upside later in 2022. For now, he is focused on an impending decline below $40,000.

Conclusion

Arthur Hayes has long been a prominent voice in crypto markets. His predictions hold weight given his background.

It remains to be seen how accurate his latest bearish call will prove. But his put options trade shows conviction in an impending drop below $40,000.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: Arthur HayesBitcoinBitMexcryptoFederal Reserve
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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