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Arthur Hayes predicted a continuation of the Bitcoin price correction

Forced liquidations of positions in the near future will put further pressure on the price of bitcoin. This opinion was expressed by the founder and ex-CEO of the BitMEX exchange Arthur Hayes.

He drew attention to the liquidation of 24,500 BTC by the Canadian Purpose Bitcoin ETF (BTCC) on the evening of June 17, shortly before the close of trading.

“I’m not sure how they redeem, but that’s a lot of physical bitcoins to sell in a short time,” the expert said.

Over the weekend, when fiat channels are closed, the price of BTC dropped to a low of $17,600 on high trading volume, Hayes noted. After a nearly 20% dump, the market quickly rallied already on low volume. According to him, it looks like a forced seller “instigated a raid on stop-losses.

“Given the poor state of risk management by crypto lenders and overly generous terms, expect more pockets of forced selling of BTC and ETH as the market figures out who swims naked“Hayes wrote.

However, he believes that this will provide sophisticated investors with the opportunity to buy “coins from those who are forced to sell, regardless of the price.”

Earlier, the president of Euro Pacific Capital, Peter Schiff, warned that the return of bitcoin to above $20,000 does not mean that it has bounced off the bottom. In his opinion, the cryptocurrency will test the level around $5,000.

Head of DoubleLine Capital Jeffrey Gundlach declaredthat he would not be surprised by the fall of bitcoin to the level of $10,000.

In April, Hayes predicted a market crash by the end of the first half of the year. He believed that by this point, Bitcoin and Ethereum would test the $30,000 and $2,500 levels, respectively.

Quotes of leading cryptocurrencies fell below these marks in May.
In early June, Hayes said that bitcoin, which was trading at about $30,000 at the time, had reached the bottom of the current cycle.

Recall that in 2021, Purpose Bitcoin ETF became the first bitcoin exchange-traded fund to receive approval from the Canadian regulator.

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