Arthur Hayes, co-founder of BitMEX, foresees a potential crash in Bitcoin prices below $50,000 this weekend. On his X profile, Hayes shared his market strategy, indicating a bearish outlook for Bitcoin. He mentioned taking a short position, aligning his prediction with upcoming US economic data releases.
The Kobeissi Letter analysts highlighted that US jobs data and Federal Reserve policies significantly influence market movements. The labor market has shown signs of weakening, with job openings falling notably. This deteriorating job scenario has contributed to the negative sentiment in the Bitcoin market as investors anticipate further economic challenges.
Peter Brandt, another renowned trader, also provided a bearish technical analysis, predicting a potential test of Bitcoin’s lower boundary around $46,000. His analysis points to strong selling pressure dominating the market, suggesting that a significant thrust is needed to revive a bullish trend.
At the time of writing, Bitcoin traded at approximately $55,767, but the market sentiment remains cautious with various analysts forecasting possible declines.
