Bitcoin's "Potential to Rise for Three Consecutive Months": Arthur Hayes Reports Position Closure

Arthur Hayes, founder of BitMEX, has closed his short position in Bitcoin, suggesting that a price increase may be on the horizon.

While Bitcoin only briefly dipped to $52,500, Hayes made a 3% profit and speculates that BTC could surge if the market worsens.

Historical trends support the idea that Bitcoin could see a steady rise for three consecutive months, particularly as analysts draw parallels with previous halving cycles. Could Bitcoin be poised for a comeback?

Potential for a Bitcoin Price Surge This Week

Arthur Hayes, the founder of the cryptocurrency exchange BitMEX, revealed on September 8, 2024, that he had closed his short position in Bitcoin (BTC).

Earlier, on September 6, Hayes had predicted that the price of Bitcoin could drop below $50,000 over the weekend and had taken a short position accordingly. However, in his post on the 8th, he reported closing this position.

Although the BTC price only dropped to around $52,500, Hayes managed to make a 3% profit on the trade. In his recent post, he also speculated that if the market continues to deteriorate next week, the price of Bitcoin might rise.

Hayes further commented, "If the market continues to decline this week, U.S. Treasury Secretary Janet Yellen will undoubtedly start printing money to stimulate the market."

He indicated that BTC could potentially see a price increase as early as this week.

Possibility of a Three-Month Consecutive Bitcoin Price Increase, Based on Historical Trends

Bitcoin (BTC) has seen a downward trend over the past few months, prompting some to express caution about further drops.

However, numerous prominent analysts in the cryptocurrency industry are forecasting a potential price increase for Bitcoin.

Among these analysts is Rekt Capital (@rektcapital), who boasts nearly 500,000 followers on X (formerly Twitter). He pointed out that the current BTC price movement aligns with previous halving patterns.

Specifically, he noted that after the 2016 and 2020 halvings, Bitcoin experienced consecutive price increases in October, November, and December.

There has also been a surge in price predictions related to altcoins. Recently, some analysts have suggested that "altcoins are now at a level worth selling your house to buy" and have reported that altcoins have touched a critical trendline that has been sustained for five years.

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