Crypto crashes hours after GOAT Hayes fears Bitcoin could drop below $50,000 this weekend

Arthur Hayes, one of the original ‘crypto billionaires’ (some even call him the GOAT of crypto predicting) and the notorious founder of the BitMEX platform, has been making fairly correct Bitcoin predictions all year.

His ‘halving dip prediction’ in April was quite specific and Hayes also managed to correctly predict the enormous rise of the memecoin Dogwifhat this year.

However, one of his last posts about Bitcoin is quite negative. Yesterday afternoon, Hayes predicted a drop for the largest digital currency to below $50,000 this weekend.

August Jobs Report

U.S. job growth in August fell short of expectations with 142,000 new jobs added, compared to the forecast of 160,000, and July’s job growth was revised down to 89,000. The unemployment rate decreased to 4.2% from 4.3% in July. Average hourly earnings rose… pic.twitter.com/xBpImgaX43

— The Wolf Of All Streets (@scottmelker) September 6, 2024

The poor job figures that the United States announced on Friday afternoon (after Hayes had made his prediction) did not help either. Stocks and crypto indeed started to tumble soon afterwards.

Tokyo crash

Arthur has been investing in Bitcoin for many years. Sometimes he goes ‘long’, thinking Bitcoin will rise in the short term, sometimes ‘short’, thinking Bitcoin will go lower. His predictions are followed by many crypto fans as he can usually move markets with his theories.

$BTC is heavy, I’m gunning for sub $50k this weekend. I took a cheeky short. Pray for my soul, for I am a degen.

— Arthur Hayes (@CryptoHayes) September 6, 2024

For example, he said at the beginning of April that he expected a ‘halving dip’. We published his prediction on April 10 this year, 10 days before the halving. That ‘dip’ did indeed occur and lasted until approximately May 2. On May 3, Hayes declared that the dip was over (correct again).

Boom Times

This time he is very negative (for the short term, that is, in the longer term he still foresees ‘boom times’, as he explains in his last post on Medium). Hayes thinks Bitcoin could fall below $50,000 this weekend and explained that he bought a short.

BREAKING
Crypto Sentiment Plummets To `Extreme Fear’ As Arthur Hayes Sees Bitcoin Plunging To $50K After US Jobs Data pic.twitter.com/VLlo34u4nu

— John (@crypto4light5) September 6, 2024

The last time Bitcoin fell below the $50,000 level was during the so-called Tokyo crash of early August (when the Nikkei 225 fell more than 10% in one day, the biggest fall since 1987). That day, Bitcoin also fell very quickly and then found support around $49,100 before rising again.

Will Hayes be right or not? We’ll know Monday morning. At the time of writing, Bitcoin is trading for about $54,200.