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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days
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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days

Crypto Founder Warns Of Burgeoning Bitcoin Fire Sale, Here’s What It Means

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Bitcoin

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Authur Hayes, the co-founder and former Chief Executive Officer (CEO) of cryptocurrency exchange and trading platform, BitMEX has released another blog post, predicting a major fire sale and a potential price decline for Bitcoin, the world’s largest cryptocurrency. 

Bitcoin Fire Sale Imminent

In his blog post, Hayes provided a detailed analysis, explaining his perspectives on how the Bitcoin halving event would adversely affect the price of the cryptocurrency. 

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The Bitcoin halving is an occurrence that takes place every four years which reduces Bitcoin miner block rewards by half. This, in turn, decreases the amount of Bitcoin created and leads to an increase in the cryptocurrency’s value. 

While most analysts in the crypto market anticipate a bullish rally for Bitcoin and other altcoins during the halving event, Hayes holds a more contradictory view, suggesting that the halving period could instead initiate a more bearish action than expected.

Hayes has acknowledged that the price of Bitcoin and other cryptocurrencies are likely to pump during the halving period, at least in the medium term.  However, the BitMEX co-founder has also predicted that the price action of Bitcoin both before and after the halving event could potentially turn negative.  

He revealed that because the 2024 Bitcoin halving coincides with a period of diminished liquidity in the United States Dollar (USD), it could potentially ignite a “raging fire sale for crypto assets.” The crypto founder also foresees the price of Bitcoin and other cryptocurrencies plummeting around this time. 

As a result, Hayes has advised the broader crypto community to refrain from trading cryptocurrencies during this period. He emphasized that when the majority of the market participants agree on a specific outcome, such as a rally induced by the Bitcoin halving, the market tends to move in the opposite direction. 

Despite his captivating predictions, Hayes conceded that the crypto market could defy his bearish forecasts, essentially recognizing the speculative nature of his prediction. 

Hayes Says April Is The Best Time To Short Sell

In his blog post, Hayes unveiled that the period from April 15 to May 1, 2024, would be precarious for risky assets in the financial sector. This is attributed to tax payments draining liquidity from the system and Quantitative Tightening (QT) accelerating during this timeframe.

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The crypto founder has suggested that this period might potentially present a prime short position for traders, indicating that April could be the ideal month for short selling. He predicts that after May 1, the market will revert to its “regular programming.”

Bitcoin price chart from Tradingview.com

BTC price above $70,000 | Source: BTCUSD on Tradingview.com
Featured image from CNBC, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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