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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.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
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