BitMEX founder predicts a ‘healthy’ correction for Bitcoin
Arthur Hayes, the founder and former CEO of BitMEX cryptocurrency exchange, recently shared a pessimistic prediction about the future price of Bitcoin (BTC). In a blog post published on January 5th, Hayes forecasted a correction of 20% to 30% for BTC, which is expected to occur in March 2024. He stated, “I am preparing for a significant downturn that will affect all crypto investors this year.” Hayes believes that if spot Bitcoin ETFs start trading in the US, the decline in BTC price will be even more severe. Therefore, he has decided to hold off on buying Bitcoin until after the March decision dates. Currently, BTC is trading at $43,660, showing a slight recovery from its recent dip. However, it is still below the crucial $45,000 level. This is not the first time that industry experts have expressed concerns about a potential major correction in Bitcoin. In December, analysts from QCP Capital predicted that BTC could drop to $36,000 following the approval of a spot Bitcoin ETF. They suggested that the funds might not attract the expected amount of capital in the initial weeks, leading to a price correction for the leading cryptocurrency.
