BitMEX co-founder Arthur Hayes has changed his outlook on Bitcoin and now forecasts a dip below $50,000.
Hayes tweeted: “BTC is heavy, I’m gunning for sub $50k this weekend. I took a cheeky short. Pray for my soul, for I am a degen.”
The bearish position contradicts his optimistic outlook just weeks ago.
On August 13, Hayes predicted a Bitcoin price surge driven by expected US Treasury liquidity measures. At that time, Hayes said Bitcoin could surpass its all-time high of $73,700 and added: “The next stop for Bitcoin is $100,000.”
He attributed this to US Treasury plans to inject between $301 billion and $1 trillion into markets before the end of the year, which he said would “create a glorious bull market in all types of risk assets, including crypto, all in time for the election.”
On average, September has historically been a tough month for Bitcoin, showing a typical return of -5% and making it one of the weakest months of the year. In contrast, October averages a strong rebound at almost +23%.
On Friday, Bitcoin closed at $53,940, its lowest daily close since February 26.
