Bitcoin (BTC) has fallen below the $80,000 mark for the first time in almost four months, and market analysts believe the crypto asset could witness more bloodshed over the weekend.
Such were the words of Arthur Hayes, the co-founder and former CEO of the crypto exchange and derivative trading platform BitMEX, in an X post. Hayes believes BTC could experience more significant declines below $80,000 before Monday.
Incoming Violent Wave For BTC
According to Hayes, BTC is recording more declines in this current wave. The crypto entrepreneur revealed that he was tempted to add more risk to his holdings on Friday morning; however, upon further analysis of bitcoin’s price action, he figured that the cryptocurrency could see one more violent wave below $80,000.
Hayes said that after the violent wave, which would most likely occur over the weekend, there would be “crickets for a while,” meaning that BTC would consolidate and trade range-bound for some time.
“Hold onto your butts,” Hayes said, urging market participants to hang on as the ride is about to get rougher.
In the last 24 hours, BTC has fallen by roughly 10%. Data from CoinMarketCap shows that the asset has a 24-hour high of $87,000 and a low of $78,344. The digital currency was trading at $79,800 at the time of writing, with frequent price changes within seconds. Going by Hayes’ prediction, BTC could plummet to $70,000 or even further within the next 72 hours.
Over $932M in Liquidations With BTC at $78K
Bitcoin’s current condition aligns with a prediction Hayes made a month ago. CryptoPotato reported that the BitMEX co-founder forecasted a turbulent path that would see the asset tumble to between $70,000 and $75,000. He said a mini-financial crisis would trigger the turbulence. At the time, BTC was trading at around $98,000.
However, Hayes has maintained a bullish stance on Bitcoin’s long-term outlook, stating that the Federal Reserve’s resumption of money printing would push the cryptocurrency to $250,000 by the end of the year.
Meanwhile, bitcoin’s price actions have wiped out almost all gains since the U.S. presidential elections. CoinGlass data shows that more than 227,000 traders have been liquidated in the last 24 hours, with the total liquidations surging above $932 million.
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