Bitcoin and Ethereum are well known to be one of the best examples of cryptocurrency to ever exist but this has not stopped Arthur Hayes, a Bitcoin bull, who warns that BTC can dip below $100,000 and ETH below $3,000. This follows the July U.S. Non-Farm in the employment revealed that it disappointed and consequently sparked on a wider risk-off tone. Hayes stated that the volatility is indicative of macro liquidity crunch, which may continue to stress the crypto prices.
In the Short Term, Bitcoin has Head Winds in the Long Term
Bitcoin, has again dropped to under 114,000 after having reached above 120,000 in June and July. Although still being stronger than the majority of altcoins, in 24 hours, there were liquidated long positions on BTC ($172 million). Arthur also thinks that liquidity is becoming scarce and leveraged positions may increase a deeper correction.
Hayes Sells Altcoins and ETH In Precaution
Hayes sold more than 2,373 ETH and more than 13 million in crypto, in spite of having earlier in anticipation set $10K as the target. He has been accused of shilling and dumping but has made accurate projections of pullbacks during the cycles. His April 20 licensing said that a correction was around the corner before a big drop.
Schiff Doubles down on Gold Criticism
Peter Schiff claimed that Bitcoin was acting as a risky technology asset and not a safe haven. He observed that gold, the yen and euro increased following the poor NFP report whereas Bitcoin fell 3%. However, the sell-off does not deter Hayes of his long term bullish orientation about the BTC and ETH.
