{"id":602207,"date":"2024-04-09T15:00:47","date_gmt":"2024-04-09T15:00:47","guid":{"rendered":"https:\/\/uniquehot.com\/?p=602207"},"modified":"2024-06-11T08:08:23","modified_gmt":"2024-06-11T08:08:23","slug":"burgeoning-bitcoin-fire-sale","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/burgeoning-bitcoin-fire-sale\/","title":{"rendered":"Crypto Founder Warns Of Burgeoning Bitcoin Fire Sale, Here\u2019s What It Means"},"content":{"rendered":"<p><a href=\"https:\/\/bitcoinist.com\/how-the-elite-control-bitcoin-via-etfs\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Authur Hayes<\/span><\/a><span style=\"font-weight: 400\">, the co-founder and former Chief Executive Officer (CEO) of cryptocurrency exchange and trading platform, <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-suffers-massive-drop-on-bitmex-bulls-over\/\"><span style=\"font-weight: 400\">BitMEX<\/span><\/a><span style=\"font-weight: 400\"> has released another blog post, predicting a major fire sale and a <\/span><a href=\"https:\/\/uniquehot.com\/analysis\/btc\/bitcoin-price-correction-68800\/\"><span style=\"font-weight: 400\">potential price decline<\/span><\/a><span style=\"font-weight: 400\"> for Bitcoin, the world\u2019s largest cryptocurrency.\u00a0<\/span><\/p>\n<h2>Bitcoin Fire Sale Imminent<\/h2>\n<p><span style=\"font-weight: 400\">In his <\/span><a href=\"https:\/\/cryptohayes.medium.com\/heatwave-68dc6ccb3d21\" rel=\"nofollow\"><span style=\"font-weight: 400\">blog post<\/span><\/a><span style=\"font-weight: 400\">, Hayes provided a detailed analysis, explaining his perspectives on how the Bitcoin halving event would adversely <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/historical-bitcoin-halving-cycles\/\"><span style=\"font-weight: 400\">affect the price of the cryptocurrency<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/shiba-inu\/shiba-inu-price-5000-0-001\/\">Crypto Analyst Predicts Shiba Inu Price To Rise 5000% To $0.001 \u2013 Here\u2019s When<\/a><\/div>\n<p><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/when-is-the-next-btc-halving-date-bitcoin-halving-guide\/\"><span style=\"font-weight: 400\">The Bitcoin halving<\/span><\/a><span style=\"font-weight: 400\"> is an occurrence that takes place every four years which reduces Bitcoin miner block rewards by half. This, in turn, decreases the amount of Bitcoin created and leads to an increase in the cryptocurrency\u2019s value.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">While most analysts in the crypto market <\/span><a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-halving-is-200-days-away-this-happens-every-time-is-it-time-to-doubledown\/\"><span style=\"font-weight: 400\">anticipate a bullish rally for Bitcoin<\/span><\/a><span style=\"font-weight: 400\"> and other altcoins during the halving event, Hayes holds a more contradictory view, suggesting that the halving period could instead initiate a more bearish action than expected.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Hayes has acknowledged that the <\/span><a href=\"https:\/\/uniquehot.com\/analysis\/btc\/bitcoin-price-resumes-upside-why-btc-could-soon-hit-new-ath\/\"><span style=\"font-weight: 400\">price of Bitcoin<\/span><\/a><span style=\"font-weight: 400\"> and other cryptocurrencies are likely to pump during the halving period, at least in the medium term.\u00a0 However, the BitMEX co-founder has also predicted that the price action of Bitcoin both before and after the halving event could <\/span><a href=\"https:\/\/uniquehot.com\/analysis\/btc\/bitcoin-price-struggle-67k\/\"><span style=\"font-weight: 400\">potentially turn negative.<\/span><\/a><span style=\"font-weight: 400\">\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">He revealed that because the 2024 Bitcoin halving coincides with a period of diminished liquidity in the <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-is-now-directly-correlated-with-the-us-dollar\/\"><span style=\"font-weight: 400\">United States Dollar (USD)<\/span><\/a><span style=\"font-weight: 400\">, it could potentially ignite a \u201craging fire sale for crypto assets.\u201d The crypto founder also foresees the price of Bitcoin and other cryptocurrencies <\/span><a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-price-plummets-as-us-government-transfers-2b-in-seized-silk-road-btc-coincidence\/\"><span style=\"font-weight: 400\">plummeting<\/span><\/a><span style=\"font-weight: 400\"> around this time.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">As a result, Hayes has advised the broader crypto community to refrain from trading cryptocurrencies during this period. He emphasized that when the majority of the market participants agree on a specific outcome, such as a rally induced by the Bitcoin halving, the market tends to move in the opposite direction.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Despite his captivating predictions, Hayes conceded that the crypto market could defy his <\/span><a href=\"https:\/\/uniquehot.com\/analysis\/btc\/bitcoin-price-dumped-to-66k\/\"><span style=\"font-weight: 400\">bearish forecasts<\/span><\/a><span style=\"font-weight: 400\">, essentially recognizing the speculative nature of his prediction.\u00a0<\/span><\/p>\n<h2>Hayes Says April Is The Best Time To Short Sell<\/h2>\n<p><span style=\"font-weight: 400\">In his blog post, Hayes unveiled that the period from April 15 to May 1, 2024, would be precarious for risky assets in the financial sector. This is attributed to tax payments draining liquidity from the system and Quantitative Tightening (QT) accelerating during this timeframe.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/analysis\/xrp\/timeline-xrp-price-cross-1000\/\">Expert Maps Out Timeline For The XRP Price To Cross $1,000<\/a><\/div>\n<p><span style=\"font-weight: 400\">The crypto founder has suggested that this period might potentially present a prime short position for traders, indicating that April could be the ideal month for <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-short-sellers-bet-against-crypto-stock\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">short selling<\/span><\/a><span style=\"font-weight: 400\">. He predicts that after May 1, the market will revert to its \u201cregular programming.\u201d<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/vvv7FOTZ\/\" alt=\"Bitcoin price chart from Tradingview.com\" width=\"3286\" height=\"1530\"><\/p>\n<pre style=\"text-align: center\">BTC price above $70,000 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">Featured image from CNBC, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Authur Hayes, the co-founder and former Chief Executive Officer (CEO) of cryptocurrency exchange and trading platform, BitMEX has released another blog post, predicting a major fire sale and a potential price decline for Bitcoin, the world\u2019s largest cryptocurrency.\u00a0 Bitcoin Fire Sale Imminent In his blog post, Hayes provided a detailed analysis, explaining his perspectives on how the Bitcoin halving event would adversely affect the price of the cryptocurrency.\u00a0 Related Reading: Crypto Analyst Predicts Shiba Inu Price To Rise 5000% To $0.001 \u2013 Here\u2019s When The Bitcoin halving is an occurrence that takes place every four years which reduces Bitcoin miner block rewards by half. This, in turn, decreases the amount of Bitcoin created and leads to an increase in the cryptocurrency\u2019s value.\u00a0 While most analysts in the crypto market anticipate a bullish rally for Bitcoin and other altcoins during the halving event, Hayes holds a more contradictory view, suggesting that the halving period could instead initiate a more bearish action than expected. Hayes has acknowledged that the price of Bitcoin and other cryptocurrencies are likely to pump during the halving period, at least in the medium term.\u00a0 However, the BitMEX co-founder has also predicted that the price action of Bitcoin both before and after the halving event could potentially turn negative.\u00a0\u00a0 He revealed that because the 2024 Bitcoin halving coincides with a period of diminished liquidity in the United States Dollar (USD), it could potentially ignite a \u201craging fire sale for crypto assets.\u201d The crypto founder also foresees the price of Bitcoin and other cryptocurrencies plummeting around this time.\u00a0 As a result, Hayes has advised the broader crypto community to refrain from trading cryptocurrencies during this period. He emphasized that when the majority of the market participants agree on a specific outcome, such as a rally induced by the Bitcoin halving, the market tends to move in the opposite direction.\u00a0 Despite his captivating predictions, Hayes conceded that the crypto market could defy his bearish forecasts, essentially recognizing the speculative nature of his prediction.\u00a0 Hayes Says April Is The Best Time To Short Sell In his blog post, Hayes unveiled that the period from April 15 to May 1, 2024, would be precarious for risky assets in the financial sector. This is attributed to tax payments draining liquidity from the system and Quantitative Tightening (QT) accelerating during this timeframe. Related Reading: Expert Maps Out Timeline For The XRP Price To Cross $1,000 The crypto founder has suggested that this period might potentially present a prime short position for traders, indicating that April could be the ideal month for short selling. He predicts that after May 1, the market will revert to its \u201cregular programming.\u201d BTC price above $70,000 | Source: BTCUSD on Tradingview.com Featured image from CNBC, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":602223,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,1119,89185,1122,1144,78790],"class_list":["post-602207","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Crypto Founder Warns Of Burgeoning Bitcoin Fire Sale, Here\u2019s What It Means<\/title>\n<meta name=\"description\" content=\"Authur Hayes, the co-founder BitMEX, has released another blog 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