predicts BTC to test $100K after NFP print

Arthur Hayes is as soon as once more sounding the alarm on a larger shakeup within the crypto market after worse-than-expected knowledge from the U.S. Non-Farm Payrolls (NFP) jobs report sparked draw back volatility in each conventional and digital markets. Regardless of his fame as a long-term crypto bull, Hayes has lately moved belongings and money, making ready for additional volatility forward.

Hayes’ prediction comes as Bitcoin hovers in a turbulent vary after a pointy June and July rally that noticed the coin blast via $120,000 earlier than encountering resistance and correcting right down to under $114,000 in early August.

Hayes, a long-time advocate of Bitcoin’s macro potential, is now warning that short-term headwinds might push BTC under $100,000 and ETH under $3,000 within the aftermath of the most recent jobs report, a quantity that fell effectively in need of expectations and wiped $1.1 trillion from the inventory market.

Danger belongings unload as Schiff reinforces ‘Bitcoin is just not digital gold’

The crux of Arthur Hayes’ argument is rooted in macro liquidity. In his current remark, he factors to the spike in market volatility following the weaker-than-expected NFP, with danger belongings promoting off exhausting as merchants rush to reprice rate of interest expectations and the trail forward for Federal Reserve coverage. For the crypto market, this unfolding reset spells hassle within the brief time period.

Bitcoin led the crypto downturn however managed to point out relative energy in comparison with altcoins, which had been hit even tougher. Hayes factors out that liquidity is being drained from markets as merchants brace for additional turbulence. Pressured liquidations and margin calls are accelerating the transfer decrease, with $172 million in Bitcoin lengthy positions worn out throughout exchanges in a 24-hour window as costs stumbled.

Bitcoin critic Peter Schiff wasted no alternative to dunk on the number-one digital asset whereas praising the virtues of gold, commenting:

“Days like immediately make it clear that Bitcoin is just not digital gold. We bought unhealthy financial information that despatched gold and the Japanese yen up 2.2% and the euro up 1.5%. The NASDAQ went the opposite manner, falling 2.2%. Bitcoin tanked 3%, monitoring high-risk belongings decrease, not secure havens larger.”

Arthur Hayes is repositioning his belongings

Within the early hours of August 2, Hayes offloaded 2,373 ETH ($8.32 million), 7.76 million ENA ($4.62 million), and 38.86 billion PEPE ($414,700), inflicting a flurry of feedback among the many crypto group, most notably, Ethereum bulls who identified that Hayes had solely lately been advocating for a $10K ETH. One follower commented:

“Basic Arthur shilling and dumping on the similar time. By no means fails.”

Hayes has been proper earlier than, predicting a BTC drop to $70,000 earlier within the present cycle when optimism and leverage had been at fever pitch.

In April 2024, as Bitcoin scaled all-time highs and market euphoria peaked, Hayes issued a warning that the tides would quickly flip, once more calling out warning indicators in liquidity, U.S. macro knowledge, and the rising dangers from overextended leverage in derivatives markets. Regardless of offloading ETH displaying near-term warning, Hayes’ long-term view stays bullish.

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