Bitcoin Price Crash! BTC Price to Hit $15K in Coming Days Predicts Bitmex CEO

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Market participants are now dreading that the worst isn’t over for the crypto space. 

A famous cryptocurrency strategist and trader recently forecasted that Bitcoin must first decline by 30% with a $15K drop in 2023 before it has any chances of a revival.

bitcoin org bitcoin org Event OrganiserTechnologyPayment solution Followers : 0 View profile has broken through a crucial support zone multiple times in 2022, increasing the risk of greater drops. While BTC is expected to rally in 2023, the first half might be nothing less than a massacre.

Bitcoin Price Nosedives

The former CEO of BitMEX, arthur hayes arthur hayes co-founder at 100x   Arthur Hayes is an American investor, business visionary, subsidiary merchant, Bitcoin advocate, and a fintech pioneer. He was the co-founder, and CEO of BitMEX alongside Ben Delo, and Samuel Reed. BitMEX was established in 2014, the parent organization is HDR Global Trading. He is the previous CEO of BitMEX and parent organization 100x Group. BitMEX is an advanced resource exchanging stage that has exchanged trillions of dollars on the cryptographic money trade. BitMex is situated in Seychelles. He is situated in Hong Kong. In October 2020, He ventured down as CEO of BitMEX.   BitMEX is the first crypto trade to be charged under the bank security act. The regulations expect that exchanges that are more than $10,000 should be accounted for. It is known as Know Your Customer (KYC) information. He ventured down from BitMex in October 2020. Alexander Hoptner supplanted Hayes as CEO of BitMEX. He moved to Hong Kong in 2008, to begin his speculation banking profession. He worked for Deutsche Bank, as a value subordinates broker, and for Citigroup for a long time. He functioned as the head ETF market producer for the two firms.    In 2011, He left Deutsche Bank and started working for Delta 1 broker for Citibank in Hong Kong. His interest in Bitcoin began in 2013, after perusing the Satoshi Nakamoto's white papers. He is the most youthful African American crypto tycoon ever. EntrepreneurInvestorChief Executive OfficerTrader Followers : 0 View profile , has turned to Twitter to predict that Bitcoin is expected to hit $15k in 2023. 

The analyst declared that he had purchased Bitcoin put options with a strike price of $15,000, and claimed they will no longer be valid in a few months from now. 

FTX’s liquidity dips

Several people assumed that the bear market had reached its bottom, however, the Bitcoin price is reacting to FTX’s stress by attempting to reach a new annual low. 

Hayes’s tweet came after the biggest cryptocurrency’s price earlier today fell to $19,244 on the Bitstamp exchange as a result of the FTX outbreak.   

On the other hand, when Binance revealed it had achieved an agreement to acquire FTX, the acquisition boosted the cryptocurrency markets, and Bitcoin regained the $20,000 mark.

Short-term price reversal

However, the momentum did not last long and there was a new round of catastrophic events. This led the leading cryptocurrency to reverse its direction as it is currently trading at an intraday low of $18,943.

Given the present volatility, $614 million in BTC longs is at risk of being liquidated, with over $224 million already being forced to sell on November 8.

Further, Bitcoin experienced a volatile 12% collapse in 24 hours, touching 2022 record lows, as traders sold off in preparation for the November 10 CPI reporting event. 

Expectations for 2022–2023

FTX’s capital crisis and investor anxieties from previous insolvencies are driving crypto market prices down.

In the meantime, investors’ appetite for risk is likely to remain low for a while now, and potential crypto traders may consider waiting for signals that U.S. inflation has peaked and the regulatory environment has stabilized.