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Cryptocurrency investor sentiment has plummeted to “extreme fear” as BitMEX co-founder Arthur Hayes predicts bitcoin will fall below $50,000 this weekend following the release of US jobs data today.
Cryptocurrency Fear and Greed Index crypto/fear-and-greed-index/”>collapsed 7 points in the last 24 hours, bringing the total to 22 after a 12-point drop in the last week.
<img decoding="async" src="https://dixdeynibyck7.cloudfront.net/images/content/crypto/CRY_BTC_8_L.jpg” alt=”bitcoin resumes losses under pressure from US yields”/>
Arthur Hayes shorts btc
In a Sept. 6 post on x, Hayes told his 534.2K followers that “btc is heavy.” He added that he is “aiming” for a drop in bitcoin’s price below $50,000 this weekend, before also revealing that he has entered a short position for the largest cryptocurrency by market cap.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”9.5914634146341″>
twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc It's tough, I'm aiming for less than $50,000 this weekend. I made a risky decision. Pray for my soul, because I'm a degenerate.
— Arthur Hayes (@CryptoHayes) twitter.com/CryptoHayes/status/1831866865846776035?ref_src=twsrc%5Etfw”>September 6, 2024
The prediction of Hayes comes after bitcoin/”>bitcoin fell more than 2% over the past 24 hours to trade at $55,698.20 as of 3:45 a.m. EST.
Data from Coin crystal shows that around $98 million was liquidated from the cryptocurrency market over the past day as traders prepare for the upcoming release of US jobs data, which will be critical in determining how much they will earnThe Federal Reserve cuts interest rates.
Michael Van De Poppe is more optimistic than Arthur Hayes and sees the “biggest bull in history”
But renowned cryptocurrency analyst and trader Michael van de Poppe is more bullish on btc than Hayes. In a Sept. 5 post on x, he told his 724,000-plus followers that the likelihood of a potential crash is unlikely.
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He twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin The wave is near
It's typical. The four-year cycle is developing like any other cycle, but the significance of this cycle is comparable to that of the gold 1930s or the https://t.co/GoodB359DI bust in 2000.
The impact of twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc It will be massive in the coming… image.twitter.com/ZARsWX4qf8
—Michaël van de Poppe (@CryptoMichNL) twitter.com/CryptoMichNL/status/1831739922535039459?ref_src=twsrc%5Etfw”>September 5, 2024
Instead, he believes that “markets are preparing for the biggest bull market in history” and added that this could be the “final” bull market before a “major” economic crisis occurs.
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