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

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

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Updated: 06 September 2024

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Crypto investor sentiment has plunged to “Extreme Fear” as BitMEX co-founder Arthur Hayes predicts Bitcoin will drop below $50K this weekend following the release of US jobs data today.

The Crypto Fear And Greed Index slumped 7 points over the past 24 hours, bringing it to 22 after a 12-point drop in the last week.

Arthur Hayes Shorts BTC

In a Sept. 6 post on X, Hayes told his 534.2K followers that “BTC is heavy.” He added that he is “gunning” for a drop in Bitcoin’s price below $50K this weekend, before also revealing that he has entered a short position for the largest crypto by market cap.

$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.

— Arthur Hayes (@CryptoHayes) September 6, 2024

The prediction by Hayes comes after BTC fell more than 2% in the last 24 hours to trade at $55,698.20 as of 3:45 a.m. EST.

Data from CoinGlass shows that around $98 million was liquidated from the crypto market over the past day as traders prepare for the upcoming release of US Jobs data, which will be a pivotal to how much the Federal Reserve cuts interest rates.

Michael Van De Poppe More Bullish Than Arthur Hayes, Sees “Biggest Bull Ever”

But renowned crypto trader and analyst Michael van de Poppe is more bullish on BTC than Hayes. In a Sept. 5 post on X, he told his over 724K followers that the likelihood of a potential crash is unlikely.

The #Bitcoin Surge is Close

It’s typical. The four-year cycle is taking place just like any other cycle, but the significance of this cycle is comparable to the 1930’s of Gold or the https://t.co/GoodB359DI bust in 2000.

The impact of $BTC will be massive over the following… pic.twitter.com/ZARsWX4qf8

— Michaël van de Poppe (@CryptoMichNL) September 5, 2024

Instead, he believes the “markets are preparing for the biggest bull ever.” He added that this could be the “final” bull market before a “big” economic crisis happens.