The date when bitcoin cryptocurrency will fall by 30% has been announced

The former CEO of BitMEX has published a forecast of cryptocurrency price changes BTC $98,676.10 Bitcoin 1.00% Market capitalization $1.95 trillion VOL. 24 hours $5.97 billion ahead of the possible approval of a bitcoin ETF.

Arthur Hayes believes that the price of the market’s flagship will drop by at least 20−30% in March 2024 from whatever level it reaches at that time. The reason: US financial policy.

According to Hayes, BTC will return to growth right after March 20. That is the day when the Federal Reserve will provide a forecast of changes in the key rate, which is currently being prepared by the Federal Open Market Committee. «At first, bitcoin will fall sharply, but then recover before the Fed meeting. Because the BTC is the only neutral reserve currency that is traded around the world. Bitcoin knows that the Fed always responds with liquidity injections when things go bad,» Hayes writes.

According to the BitMEX founder, he will not buy bitcoin until March. Hayes believes that the approval of the bitcoin ETF by the US Securities and Exchange Commission (SEC) will bring several hundred billion dollars to the crypto market, which will push the price of BTC to $ 70,000.

Crypto industry analysts from Matrixport noted that if the U.S. Securities and Exchange Commission (SEC) approves spot bitcoin ETFs in early January, the price of a BTC will rise to $ 50,000 by the end of the month. Experts have drawn parallels with the launch of bitcoin futures by CME Group in 2017. Back then, the exchange announced derivatives in late October, and trading began in early December. During this period, the market leader’s quotes jumped by 196%.