BitMEX co-founder Arthur Hayes has sparked some discussion in the crypto community with his latest market prediction. The former CEO, known for his many crypto market forecasts, warns that Bitcoin could be headed for major correction in the near term.
Hayes, who helped build one of the largest cryptocurrency derivatives exchanges, believes BTC price could fall sharply to between $70,000 and $75,000 from around $98,000. This correction, according to the entrepreneur, could trigger what he describes as a “mini financial crisis.”
Reversing the order of my tryptic essay series.
— Arthur Hayes (@CryptoHayes) January 27, 2025
The Ugly will be published tomorrow morning. I am calling for a $70k to $75k correction in $BTC, a mini financial crisis, and a resumption of money printing that will send us to $250k by the end of the year. pic.twitter.com/wohvbKkXOf
However, the anticipated downturn isn’t the end of the story. In a recent post on X, Hayes painted a bullish long-term picture. He expects the correction to prompt global central banks to resume their money-printing policies, which he believes will catalyze an extraordinary rally in Bitcoin price. Hayes predicts Bitcoin could soar to $250,000 by the end of the year.
The crypto community has responded to Hayes’s forecast with mixed reactions. As reported by Wu Blockchain, some critics point out that his previous predictions haven’t always hit the mark. The forecast is part of what Hayes calls his “tryptic essay series,” with more details expected in his upcoming publication titled “The Ugly.”
Read Also: Why Are Bitcoin (BTC) and Crypto Prices Dumping Today?
Hayes’ combination of near-term caution and long-term optimism reflects the volatile nature of cryptocurrency markets. As the former BitMEX chief executive has demonstrated throughout his career in the crypto space, major price swings can create both risks and opportunities for market participants.
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