Arthur Hayes On Bitcoin: 'I Think We Break $40K,' Traders See 'Halving In 4 Months' For Next Price Upswing

BitMEX co-founder Arthur Hayes predicts Bitcoin BTC/USD falling below the $40,000 mark, as Google search interest in crypto wanes.

What Happened: In his latest post on X, the cryptocurrency entrepreneur changed his tone compared to his last prediction that the bull market is just beginning and that Bitcoin would be around or above all-time highs by the end of 2024. 

In the short term, Hayes is more bearish:

Bitcoin plunged below $41,000 on Monday, a correction of more than 20% following its high of $49,000 in the aftermath of the Spot Bitcoin ETF approvals.

Coinglass data shows a moderate $30.86 million worth of long positions liquidated over the last 24 hours.

Bitcoin dominance currently stands at 50.03%, down from around 52% in October 2023.

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What Other Analysts Say: Arthur Hayes changed his tune at least in the short run, mirroring the outlook of other analysts.

Cryptoquant founder and CEO Ki Young Ju took to X to highlight that old bitcoin is being moved: “Someone(s) broke an old piggy bank and distributed its contents, likely through OTC deals. The average dormancy of $BTC reached a five-year high just a few days ago.”

Jelle, a "long-term crypto and stock investor," stated: “Don't lose sight of the bigger picture. Halving in 4 months. Bull market not over.”

Titan of Crypto, Another Bitcoin investor and trader sees a correction playing out:

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