BitMEX co-founder Arthur Hayes published a blog post predicting a specific price correction for bitcoin following the introduction of the long-awaited Spot bitcoin ETF.
bitcoin Price Correction Forecast
first CEO of BitMEXHayes has shared valuable insights into the potential bitcoin/bitcoin-spot-etf-300-surge/” target=”_blank” rel=”noopener nofollow”>impact on bitcoin price following the approval of bitcoin spot ETFs by the United States Securities and Exchange Commission (SEC).
According to Hayes analysis, bitcoin is projected to experience a 20% to 30% price correction by March 2024. The founder of the cryptocurrency exchange warned that the correction phase could be relatively pronounced if there is a substantial increase in interest. of merchants in Spot bitcoin ETFs.
“I expect bitcoin to see a healthy 20% to 30% correction from whatever level it reached in early March. The failure could be even more serious if the list of US-listed spot bitcoin ETFs has already started trading,” Hayes explained.
bitcoin slightly below the $44K level today. Chart: TradingView.com
In it blog entryHayes also predicted a 30% to 40% correction in the price of bitcoin if the cryptocurrency's value reaches its previous all-time high in 2021.
“Imagine if the anticipation of hundreds of billions of fiat money flowing into these ETFs at some future date propelled bitcoin above $60,000 and near its 2021 all-time high of $70,000. I could easily see a 30% to 40% correction due to a drop in dollar liquidity. “That is why I cannot buy bitcoin until the March decision dates have passed,” stated the founder of the cryptocurrency exchange.
Potential Impacts of bitcoin Spot ETFs
A cryptocurrency enthusiast in x (formerly Twitter) has stated that the introduction of spot bitcoin ETFs would have a long-term effect on the crypto space. This may encompass the anticipated increase in The price of bitcoin so many analysts bitcoin/bitcoin-spot-etf-70-billion/” target=”_blank” rel=”noopener nofollow”>predict bitcoin value reaches unprecedented levels following the approval of bitcoin spot ETFs by the SEC.
As someone who used to spend all day selling ETFs and other financial products to traditional money managers of all shapes and sizes, I can promise you one thing.
Even if you are optimistic, most of you are drastically underestimating the long-term impact of crypto ETF approvals.
— Caitlin Cook (,) (@DeadCaitBounce) January 4, 2024
“As someone who used to spend all day selling ETFs and other financial products to traditional money managers of all shapes and sizes, I can promise you one thing. Even if you are optimistic, most of you are drastically underestimating the long-term impact of crypto ETF approvals,” the X user stated.
On the contrary, cryptocurrency investors like Author Hayes previously revealed that the launch of a bitcoin Spot ETF could have a potentially negative existential influence on bitcoin, particularly if the ETFs attract more attention from investors.
While there are different opinions on the impact of bitcoin Spot ETFs on bitcoin, the final decision on their launch is still pending. He SECOND It is scheduled to reveal its verdict on the approval of Spot bitcoin ETF applications by Wednesday, January 10, 2024.
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