Arthur Hayes, the co-founder of BitMEX, has recently made a bold prediction regarding the future of Bitcoin’s price. Hayes, known for his market insights, expressed a pessimistic outlook by stating that he is “gunning for sub $50k this weekend”. This statement has raised concerns among cryptocurrency enthusiasts and investors alike.
Hayes’ prediction comes at a crucial time, as significant US economic indicators are set to be released this Friday. The US jobs data has become a key factor influencing market trends and Federal Reserve policies. Analysts from The Kobeissi Letter have pointed out the increasing influence of unemployment data on the Fed’s decision-making process.
The labor market data, especially the upcoming jobs report, will play a pivotal role in determining whether the US Federal Reserve will cut interest rates by 50 bps or 25 bps. With the next FOMC meeting scheduled for September 17-18, 2024, market analysts are closely monitoring the job data for cues on the Fed’s future actions.
Recent data on US job openings has painted a bleak picture of the labor market, with a significant decline in job vacancies since March 2022. This downward trend in job data, coupled with revised economic forecasts, has contributed to the negative sentiment in the Bitcoin market.
Renowned trader Peter Brandt has also weighed in on the situation, highlighting a bearish pattern in Bitcoin’s weekly chart. Brandt’s analysis points to a potential test of a lower boundary around $46,000, signaling a dominance of selling pressure over buying interest in the market.
As the Bitcoin price hovers around $55,767, experts like Arthur Hayes and Peter Brandt are cautioning investors about a possible downturn in the cryptocurrency market. The convergence of weakening job data, revised economic forecasts, and technical indicators suggests a challenging road ahead for Bitcoin in the near future. Investors are advised to stay vigilant and monitor market developments closely in the coming days.
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