Crypto Sentiment Plummets To `Extreme Fear’ As Arthur Hayes Sees Bitcoin Plunging To $50K After US Jobs Data

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Arthur Hayes Says Crypto Assets Face A “raging Firesale” Around

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Crypto investor sentiment has plunged to “Extreme Fear” as BitMEX co-founder Arthur Hayes predicts Bitcoin will drop beneath $50K this weekend following the discharge of US jobs knowledge as we speak.

The Crypto Worry And Greed Index slumped 7 factors over the previous 24 hours, bringing it to 22 after a 12-point drop within the final week.

Arthur Hayes Shorts BTC

In a Sept. 6 submit on X, Hayes informed his 534.2K followers that “BTC is heavy.” He added that he’s “gunning” for a drop in Bitcoin’s value beneath $50K this weekend, earlier than additionally revealing that he has entered a brief place for the most important crypto by market cap.

$BTC is heavy, I’m gunning for sub $50k this weekend. I took a cheeky brief. Pray for my soul, for I’m a degen.

— Arthur Hayes (@CryptoHayes) September 6, 2024

The prediction by Hayes comes after BTC fell greater than 2% within the final 24 hours to commerce at $55,698.20 as of three:45 a.m. EST.

Data from CoinGlass exhibits that round $98 million was liquidated from the crypto market over the previous day as merchants put together for the upcoming launch of US Jobs knowledge, which will likely be a pivotal to how a lot the Federal Reserve cuts rates of interest.

Michael Van De Poppe Extra Bullish Than Arthur Hayes, Sees “Biggest Bull Ever”

However famend crypto dealer and analyst Michael van de Poppe is extra bullish on BTC than Hayes. In a Sept. 5 submit on X, he informed his over 724K followers that the chance of a possible crash is unlikely.

The #Bitcoin Surge is Shut

It’s typical. The four-year cycle is going down similar to another cycle, however the significance of this cycle is similar to the 1930’s of Gold or the bust in 2000.

The affect of $BTC will likely be huge over the next… pic.twitter.com/ZARsWX4qf8

— Michaël van de Poppe (@CryptoMichNL) September 5, 2024

As a substitute, he believes the “markets are preparing for the biggest bull ever.” He added that this may very well be the “final” bull market earlier than a “big” financial disaster occurs.