BitMEX Founder Announces Bitcoin Price Prediction!

Ahmet Bedirhan Arvas — Fri, 05 Jan 2024 22:56:06 +0000

BitMEX co-founder Arthur Hayes, in a blog post published on January 5, 2024, revealed his expectation of a correction in Bitcoin price ranging between 20% and 30% in March.

Arthur Hayes, co-founder and former CEO of BitMEX, shared his predictions by stating that investors should anticipate a significant correction in March.

He suggested that the expected influx of billions of dollars into the market after the potential ETF approvals could lead to a new all-time high (ATH) for the Bitcoin price in a short period.

Arthur Hayes added that after Bitcoin reaches a new peak, a healthy correction of approximately 20% to 30% could occur in March. Emphasizing that we are in the early stages of the bull market, Hayes warned investors entering the markets during the bull season, referring to them as “tourists.”

Hayes pointed out three crucial factors in March that could deeply impact the crypto market:

Decrease in the Reverse Repo Program (RRP) balance.
Expiration of the Bank Term Funding Program (BTFP) on March 12.
Federal Reserve interest rate announcements.

Highlighting that there are six trading days between these two significant events, Hayes suggested that, according to his estimates, several banks could face insolvency during this period.

He maintained his long-term bullish outlook despite these warnings.

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BitMEX Founder Announces Bitcoin Price Prediction!