Just-In: BitMEX’s Arthur Hayes Predicts Bitcoin (BTC) Price Dump Below $40,000

BitMEX co-founder Arthur Hayes predicts Bitcoin (BTC) price to fall below $40,000 until the US Treasury quarterly refunding announcement.
By Varinder Singh
U.S. Government Transfers More Bitcoin, Further BTC Selloff Imminent?

BitMEX co-founder Arthur Hayes in a new Bitcoin price prediction on Monday said “I think we break $40k”. The change in sentiment comes following a long-term bearish prediction of $5000 for Ethereum (ETH) and $200 for Solana (SOL), as well as in response to the upcoming US Treasury quarterly refunding announcement.

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Arthur Hayes’ Bitcoin Price Prediction

Billionaire Arthur Hayes, co-founder of crypto exchange BitMEX shares his bearish sentiment on Bitcoin in a post on January 22.

Hayes said “BTC looks mad heavy. I think we break $40k. I went long some 29Mar $35k strike puts.” He added that BTC price will continue to dump until the U.S. Treasury quarterly refunding announcement on January 31. US Secretary of the Treasury Janet Yellen can bring BTC price further down with her bearish remarks, but the community is awaiting a paradigm shift in momentum.

In a previous post today, Arthur Hayes said SPX and BTC both “stopped moving up together post US BTC ETF”. He signals liquidity troubles in the markets as traders await key macro announcements.

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Coinglass data indicate liquidation of $140 million in the last 24 hours. Over 63K traders were liquidated in the last 24 hours, with the largest single liquidation order on OKX’s ETH-USD-SWAP worth $3.20 million. Almost $40 million were liquidated after Arthur Hayes’ post on X.

BTC price extended decline after Arthur Hayes’ post, falling to $40,027. The price is currently trading at $40,822. The 24-hour low and high are $40,364 and $41,855, respectively. Furthermore, the trading volume has increased by 72% in the last 24 hours, indicating interest among traders.

On the macro front, the strong US dollar and rising U.S. 10-year treasury yields are causing selling pressure on Bitcoin. The US dollar index (DXY) reversed back to 103.50 from 101 in early January.

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Varinder Singh
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
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