- According to Arthur Hayes, co-founder of BitMEX crypto exchange, Bitcoin looks “Mad Heavy.”
- Hayes predicted that BTC would dump if it broke below $40,000 support.
- At a current price of $40,720, Bitcoin has lost over 17% from its highest price this month.
According to Arthur Hayes, co-founder of the BitMEX crypto exchange, Bitcoin looks “Mad Heavy.” In a recent post on X (formerly Twitter), Hayes predicted that the flagship cryptocurrency would dump if it broke below $40,000 support.
$BTC looks mad heavy. I think we break $40k. I went long some 29Mar $35k strike puts. I think we dump into the 31Jan US Treasury qtly refunding annc. Is Janet Yellen or Talkin'? pic.twitter.com/lyjqNmldzh— Arthur Hayes (@CryptoHayes) January 22, 2024
In the post, Hayes highlighted that he went long on BTC on March 29, 2023, with $35,000 in strike puts. However, he thinks the pioneer crypto would dump into the upcoming U.S. Treasury quarterly refunding announcement, expected to happen on January 31, 2024.
At a current price of $40,720, Bitcoin has lost over 17% from its highest price this month. The flagship c…
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