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Bitcoin is going through a rough patch, with predictions from BitMEX co-founder Arthur Hayes indicating it might drop below $50,000 this weekend.
Bitcoin price fell on Friday amid concerns about a possible U.S. economic slowdown and market fear ahead of August employment data.
Bitcoin was trading down 3% at $56,000 (76 million won) by 01:03 GMT (8:03 AM KST), extending losses from Thursday. A report from Bitfinex suggested that Bitcoin could drop by 20% to $40,000 if the Federal Reserve raises interest rates by 50 basis points this month.
A weak demand and negative sentiment are expected to keep the crypto market down, with some analysts predicting that Bitcoin could even fall to $50,000.
A BitMEX co-founder predicted that Bitcoin would fall below $50,000 this weekend.
“$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,” BitMEX co-founder Arthur Hayes wrote on Friday.
The Crypto Fear & Greed Index fell to 22 on Friday, indicating “extreme fear”—its lowest level since August 8.
Bitcoin's price briefly dropped to $55,838 on Friday but recovered slightly to trade at $56,585, according to CoinMarketCap.
The recent decline wiped $29.7 billion off of Bitcoin's market value, CoinMarketCap data showed.
Other crypto prices today
Other cryptocurrencies also saw losses on Friday, with Ether down 2.23%, Solana down 2.82% and XRP down 2.19%.
Overall, there were $94.26 million in liquidations over the last 24 hours, with $36.71 million in Bitcoin longs and $17.36 million in Ethereum longs.
How low can Bitcoin go?
The Crypto Fear & Greed Index at an extreme low of 22 on Friday signaled heightened market fear and uncertainty.
BitMEX co-founder Hayes' prediction of a possible drop to $50,000 this weekend highlighted the anxious and cautious mood among market participants.
Investors are keeping a close eye on economic indicators and market trends, which will likely influence the direction of Bitcoin and other cryptocurrencies.
Some analysts eyed $46,000, a level last seen in February, as a potential low for Bitcoin, while others, like 10x Research, saw the low $40,000s as a possible entry point for a bull market.
Meanwhile, Moustache believes that Bitcoin might find support around $57,000 based on historical trends.
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