Bitcoin will crash 40% in March because of two major factors
Arthur Hayes shared two important factors to support the Bitcoin trade price downfall chances in March of this year.
At present, the majority of Bitcoin investors are optimistic about the Bitcoin spot ETF applications, which are in the queue to get regulatory approval from the United States Securities and Exchange Commission (SEC).
Because of these Bitcoin ETF applications, the trade price of Bitcoin surged rapidly in the last 6 months. The current trade price of Bitcoin (BTC) is $44,000 & this trade price is 0.73% high over the last 24 hours trade price.
It is expected that the final decision, expected approval, by the SEC body on these applications will come somewhere within 4 days.
Following the current sentiments & future possibilities, BitMex co-founder Arthur Hayes shared his prediction on the Bitcoin market for the next two months.
Arthur said that the Federal Reserve’s Bank Term Funding Program (BTFP) will play an important role in dumping the trade price of Bitcoin significantly in March of this year.
The BitMex co-founder explained that BTFP was introduced in March 2023 for the banks to provide sufficient liquidity so that banks can fulfil the demand of customers’ needs but now it is expected that they will remove this program.
According to Arthur in March of this year, some Bitcoin spot ETF products have already begun trading and the big traders will treat BTFP-related news as a big factor for the Bitcoin trade price speculation.
Arthur believes that the Bitcoin trade price will plunge by nearly 30% to 40% in March due to the dollar liquidity rug pull.
Alongside this bearish sentiment, Arthur believes that the trade price of Bitcoin will surge to nearly $60,000 or may hit its all-time high of $69k.
Furthermore, Arthur said that if his prediction is correct then surely the market will bankrupt a few banks within that period, & further, the Fed will decide to cut rates and announce the BTFP’s resumption.
It is worth it to note that April 2024 is a Bitcoin halving month and a dump in the Bitcoin trade price in March will be a very big opportunity for investors to accumulate Bitcoin.
Read also: Trade volume on Indian crypto platforms surges rapidly, not because of bull sentiments
