Crypto Sentiment Plummets To `Extreme Fear' As Arthur Hayes Sees Bitcoin Plunging To $50K After US Jobs Data

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Crypto investor sentiment has plunged to “Excessive Concern” as BitMEX co-founder Arthur Hayes predicts Bitcoin will drop under $50K this weekend following the discharge of US jobs knowledge in the present day.

The Crypto Concern And Greed Index slumped 7 factors over the previous 24 hours, bringing it to 22 after a 12-point drop within the final week.

Arthur Hayes Shorts BTC

In a Sept. 6 publish on X, Hayes advised his 534.2K followers that “BTC is heavy.” He added that he’s “gunning” for a drop in Bitcoin’s worth under $50K this weekend, earlier than additionally revealing that he has entered a brief place for the biggest crypto by market cap.

$BTC is heavy, I’m gunning for sub $50k this weekend. I took a cheeky quick. Pray for my soul, for I’m a degen.
— Arthur Hayes (@CryptoHayes) September 6, 2024

The prediction by Hayes comes after BTC fell greater than 2% within the final 24 hours to commerce at $55,698.20 as of three:45 a.m. EST.

Knowledge from CoinGlass reveals that round $98 million was liquidated from the crypto market over the previous day as merchants put together for the upcoming launch of US Jobs knowledge, which shall be a pivotal to how a lot the Federal Reserve cuts rates of interest.

Michael Van De Poppe Extra Bullish Than Arthur Hayes, Sees “Greatest Bull Ever”

However famend crypto dealer and analyst Michael van de Poppe is extra bullish on BTC than Hayes. In a Sept. 5 publish on X, he advised his over 724K followers that the probability of a possible crash is unlikely.

The #Bitcoin Surge is Shut
It’s typical. The four-year cycle is happening identical to another cycle, however the significance of this cycle is similar to the 1930’s of Gold or the https://t.co/GoodB359DI bust in 2000.
The affect of $BTC shall be large over the next… pic.twitter.com/ZARsWX4qf8
— Michaël van de Poppe (@CryptoMichNL) September 5, 2024

As an alternative, he believes the “markets are getting ready for the most important bull ever.” He added that this could possibly be the “last” bull market earlier than a “huge” financial disaster occurs.