Crypto legend Arthur Hayes predicts Bitcoin will drop below $50,000, reflecting overall market pessimism.

From Investing.com

September 6, 2024 09:00 AM:

Arthur Hayes, a prominent figure in cryptocurrency, predicts Bitcoin will drop below $50,000 after falling below $58,000.

Hayes publicly announced a bearish short position on Bitcoin, reflecting the market’s overall pessimism.

Institutional investors are exiting the market, with significant withdrawals from Bitcoin spot ETFs totaling $211 million on Sept. 5.

The total net asset value of Bitcoin spot ETFs has fallen to $50.727 billion, suggesting a further price decline.

Bitcoin’s graph shows a downward trend, breaking key support levels like the 200 EMA, indicating a possible drop below $50,000.

Read more at Investing.com: 2017 Crypto Legend Arthur Hayes By U.Today