Arthur Hayes defies the ongoing sentiment of BTC bull run around Halving

The crypto community is looking forward to the upcoming Bitcoin Halving event. This is for two reasons: it is speculated that it will fuel the price rise of BTC and do the same for other cryptocurrencies in the market. However, Arthur Hayes, the Founder of 100x, has said that BTC may instead experience a price fall around the Halving event.

For reference, Bitcoin Halving is tentatively scheduled for April 20, 2024. The US Dollar’s liquidity is often tighter when it happens.

Arthur’s comments come with an argument that events don’t necessarily happen as per everyone’s wishes or whims. Everyone, or the majority of the crypto community, is expecting a price rise. In other words, they are looking forward to a bill run that could take the price of BTC as high as $150,000 by the end of 2024.

He has also said that he may abstain from trading until May. The regular course of price movement will only begin after May.

The argument aligns with the recent approval of the Bitcoin ETF. The prices dropped instead of rising because of selling pressure from GBTC. Speculation was that the price would jump once the US Securities and Exchange Commission accepted the applications. Only after a month did BTC see considerable progress on the pricing charts.

BTC is now exchanging hands at a value of more than $70,000 at the time of writing this article. To be more specific, a single token is listed for $70,771.91, with a surge of 1.56% in the last 24 hours and 5.655 in the last 7 days. Analysts have highlighted that the constant inflow to the ETF is helping BTC gain value.

A decline in the stated value is expected, as a price correction will occur before it can climb the ladder. Arthur Hayes has welcomed criticism and the possibility of being wrong. He has not sought withdrawal from trading services but has mentioned that there is a chance that he may not do so till May 2024.

His profits, to date, have come from SOL, MEW, and NMT. These tokens are either down or up at the moment, not drawing a brighter picture. For instance, SOL has dropped by 0.16% in the last 24 hours to be listed at $176.46. MEW has plummeted by 4.74% during the same time window, exchanging hands at $0.004216. NMT, however, has gained some weight—14.775 in a single day to get listed at $11.43.

A drop in BTC’s price could also lead to diversification to altcoins, meme coins, and AI tokens. They have been gathering attention from the community anyway. A drop in BTC will pave the way for the accumulation of the token and also an opportunity for the community to engage with economic alternatives in the market.