- Arthur Hayes believes BTC might slip under $50k into the weekend
- Bitget’s Gracy Chen maintains a long-term bullish outlook although
Bitcoin’s [BTC] weak spot hiked in September because the world’s largest digital asset struggled under $60k on the charts. Actually, based on Arthur Hayes, Co-Founding father of BitMEX and CIO at VC fund Maelstrom, BTC might drop additional down and slip under $50k over the weekend.
“$BTC is heavy, I’m gunning for sub $50k this weekend. I took a cheeky short.”
Extra BTC losses within the quick time period?
Earlier within the week, Hayes made a bearish name for BTC within the quick time period, arguing that the anticipated Fed price cuts wouldn’t rally crypto markets. This, earlier than rate of interest merchants elevated bets on a 0.25% and 0.50% Fed price lower forward of the U.S jobs report on Friday.
In keeping with the exec’s argument. U.S liquidity is squeezed as monetary establishments have opted for the Fed’s RRP (reverse repurchase settlement) for increased yields, relatively than betting on dangerous belongings like Bitcoin. This is able to imply web unfavorable liquidity, which might decrease BTC costs regardless of the seemingly Fed price cuts, he added.
Right here, it’s price stating that demand for the crypto has additionally tapered considerably since Q1. In keeping with CryptoQuant information, investor demand hit file lows at press time, which might additional put downward stress on the crypto’s value.
Supply: CryptoQuant
For his half, Peter Brandt recommended that BTC would see extra promoting than shopping for, given its present megaphone value chart sample. In a worst-case situation, Brandt projected that BTC might drop to as little as $46k.
Supply: X/Peter Brandt
Quite the opposite, some market insiders stay bullish in the long term. Gracy Chen, CEO of crypto alternate Bitget, instructed AMBCrypto that September losses can be the ‘”ast drop” earlier than a possible BTC rally in This autumn and 2025.
“The recent market decline at the beginning of September is often referred to as the ‘last drop,’ with prices expected to hit new highs by the end of the year. Many analysts remain quite optimistic about Bitcoin’s price outlook for Q4 2024.”
Given the long-term bullish outlook, Chen projected that BTC might climb above $100k by November.
“In a scenario without any black swan events, Bitcoin could potentially break through the $100,000 threshold by November, experience a correction, and then begin its climb toward the $200,000 range.”
BTC was valued at $56.4k at press time as merchants and buyers waited for the U.S Jobs report.
