BitMEX founder Arthur Hayes said she expects a 30% correction in BTC if the Bitcoin Spot ETF is approved.
Cryptocurrency markets are focusing on determining the Bitcoin Spot ETF that will launch in 2024. The SEC will make the final decision on the Bitcoin spot ETF applications of US investors and corporate companies. The decision is expected to be published in January and March.
There are various comments regarding the scenario that will occur if the Bitcoin Spot ETF is approved. Other comments came from BitMEX founder Arthur Hayes. Hayes said that with the approval of the ETF, the crypto market expects a 30% correction. Mr. Hayes also made some shocking statements.
Striking Statements from Arthur Hayes About the Course of BTC
BitMEX founder and crypto investor Arthur Hayes made some important statements regarding the Bitcoin (BTC) price. Hayes expressed his expectations for BTC in a post published on his blog.
Hayes explained in a blog post that the approval of the Bitcoin Spot ETF would cause a sharp correction in BTC prices. Hayes said that the correction in BTC will be 20-30%. The famous cryptocurrency claimed that the correction will start from March.
Hayes suggested further corrections could occur after the US listed a Bitcoin spot ETF for trading. He predicted that the correction could result in a decline of up to 40%. However, Hayes said that once the correction is complete, the BTC bull market will begin. Hayes said that after the correction, BTC will reach an ATH above $60,000 and even $70,000.
BitMEX founder said that 70 percent of his portfolio consists of BTC and ETH and that he will not make new purchases until the correction occurs. Hayes said he is an excellent trader and plans to take a large short position by the end of February. The famous trader prefers a short position that will expire on June 28.
