Selling in the crypto market was triggered ahead of the FOMC meeting. Bitcoin price failed to hold on above $100,000. Former BitMEX CEO Arthur Hayes predicts a “mini financial crisis” as Trump enthusiasm wanes. Investors are watching the Federal Reserve’s interest rate decision closely. According to analysts, the possibility of a rate cut is low.
Arthur Hayes: Bitcoin price may drop to $70,000!
Former BitMEX CEO Arthur Hayes predicts a “mini financial crisis” in which he expects Bitcoin price to drop to $70,000 before resuming its mega bull run to $250,000 once again. Once that happens, he believes, the US Federal Reserve will once again return to printing money. In this context, Arthur Hayes wrote:
I’m predicting a $70k to $75k correction in BTC, a mini financial crisis, and a resumption of money printing that will send us to $250k by the end of the year.
Long-term holders take profits!
At the time of writing, Bitcoin price was trading at $98,000, down 6.76%. Thus, BTC price fell below the critical support level of $ 100 thousand. Additionally, on-chain data shows that long-term holders have been selling their BTC holdings over the past week.
Popular crypto analyst Ali Martinez noted that the total supply of Bitcoin held by long-term holders decreased by over 75,000 BTC last week. This shows strong profit-taking by long-term investors as Bitcoin price struggles to reach new highs and surpass the $106,000 resistance.
According to CryptoQuant CEO, the bull trend for Bitcoin price is not over yet!
However, CryptoQuant CEO Ki Young Ju believes that the Bitcoin bull run is not over. In this regard, Young Ju shared the following evaluation:
We are in the final phase of the Bitcoin bull market, but I believe there is still room for growth. I can say that we are in the early distribution phase as new individual investors entered. Trump’s global promotional impact could extend this bull run for several more quarters.
Crypto market sell-off led to $548 million liquidation
‘Kryptokoin.com’As you follow from today, Bitcoin and altcoins faced strong selling pressure that triggered more than $548 million in crypto market liquidation, according to Coinglass data. Of these, long liquidations rose to $503 million, with BTC alone contributing $190 million.
Major altcoins are also facing a deeper correction. The price of the leading altcoin Ethereum dropped by 8.80% at press time, falling to $3,057. Additionally, the XRP price lost its important support of $3 today. According to analysts, a daily close below this level will open the doors for further correction in the future. Meanwhile, Solana price fell by 13.46%, while Dogecoin (DOGE) fell by 12%. This leaves investors confused about whether the altcoin season will start in Q1 2025.
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