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Bitcoin plummeted to a six-week low, falling rapidly from a recent high of $41,553 to a worrisome $39,536 today. The cryptocurrency market, in general, witnessed a tumultuous Monday, with Bitcoin experiencing a 4.3% drop in the last 24 hours and a staggering 9.3% decline over the last 30 days. Santiment, a crypto market data provider, reported that Bitcoin briefly slipped below the $40,000 mark for the first time since December 4th.
Currently, BTC is trading at $40,043.71, adding another layer of uncertainty to the already volatile market. Market analysts suggest that fear, uncertainty, and doubt (FUD) are creeping into the cryptocurrency space, potentially creating opportunities for price rebounds when the FUD reaches its peak.
BitMEX Co-founder’s Prediction: Bitcoin Below $40,000
BitMEX co-founder Arthur Hayes made a bold prediction yesterday, stating that Bitcoin would dip below $40,000. To hedge against this anticipated decline, Hayer reportedly purchased put options with a strike price of $35,000, expiring on March 29. The co-founder’s move indicates a lack of confidence in the short-term performance of Bitcoin. Hayer might have acquired these put options at a price of 0.025 BTC per share, totaling 5 BTC.
$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
Market analyst Mags share insights on potential future trends. Mags highlighted the importance of recognizing patterns in Bitcoin’s historical corrections, pointing out the four stages: consolidation at the same level, slow bleeding over weeks, acceleration of the decline, and finally, finding support and a quick recovery. Mags emphasized the need for vigilance, especially considering the lengthening consolidation periods observed after each correction.
You Might Miss the Next #Bitcoin Dip 🚨
Since the $15,500 bottom, we have witnessed 3 Bull market corrections. So far, there are a few things we have noticed 👇
1) Price consolidates at the same level
2) Price starts bleeding slowly for weeks
3) The slow bleed accelerates near… pic.twitter.com/1vUBTTquWr— Mags (@thescalpingpro) January 22, 2024
In the midst of market uncertainty, Mags advised followers not to miss the next potential dip in Bitcoin’s price. According to Mags, recognizing whether the ongoing consolidation is re-accumulation or a local swing high is challenging. However, for those with a bullish long-term outlook, eyeing targets of $80,000 to $100,000 or beyond, Dollar Cost Averaging (DCA) after a significant pullback from the local top is recommended.
Mags reminded investors that the Bitcoin halving is just 85 to 90 days away, coinciding with a potential new all-time high. With this perspective, Mags sees the current dip as possibly the last before the market enters a sustained bullish trend.
Related Reading | Dormant Ethereum Wallet Hits $329K Jackpot
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