The Creator of BitMEX Predicts a “Healthy” Bitcoin Correction

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Last Updated on January 5, 2024 by Bitfinsider

Cryptocurrency entrepreneur and CEO Arthur Hayes predicted in a blog post on January 5th that Bitcoin would see a 20%–30% correction from expected gains in the year-to-date price in March 2024. Hayes remarked, “I am getting ready for a vicious washout of all the crypto tourists in March of this year.”

If spot Bitcoin ETFs start trading in the US, according to Hayes, there will be a significant decline in the price of bitcoin. Hayes claims that he will hold off on purchasing Bitcoin until “the March decision dates have passed” because of this.

As of right now, Bitcoin is trading around $43,660, having somewhat rebounded from its decline caused by rumors of a Bitcoin ETF. Although the coin has gained 1% over the past day, it is still below the crucial $45,000 mark.

Those involved in the cryptocurrency business have already hinted to a potential big correction in Bitcoin.

Analysts at QCP Capital predicted in December that Bitcoin may fall to $36,000 following the approval of the spot ETF. They believe that if the funds do not receive the anticipated infusion of cash in the initial weeks following the launch, the original cryptocurrency’s price will adjust.

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