BitMEX co-founder Arthur Hayes forecasts a significant correction in Bitcoin’s (CRYPO: BTC) price to $70,000-$75,000, followed by a potential surge to $250,000 by year-end, amid growing market volatility and concerns of a “mini financial crisis.”
What Happened: Hayes, who shared his outlook on X on Monday, plans to detail his analysis in a forthcoming essay series titled “The Good, The Bad, The Ugly.” The prediction comes as Bitcoin trades near $98,917, down 3.76% in the last 24 hours, following a sharp decline from recent highs above $105,000.
The cryptocurrency market has seen substantial liquidations, with approximately $400 million wiped out in just four hours of trading on Sunday evening. Long positions accounted for $389 million of these liquidations, suggesting growing bearish sentiment among traders.
Reversing the order of my tryptic essay series. Full story available on Benzinga.com