Arthur Hayes Warns: Bitcoin Could Drop Below $50K This Weekend

The cryptocurrency market sentiment is back in “extreme fear” as Bitcoin’s price dropped under $56,000.  This recent slump has shaken the market, raising concerns about the future direction of Bitcoin and other major cryptocurrencies.

Arthur Hayes, co-founder of BitMEX, believes Bitcoin could fall further, predicting a price below $50,000 by the weekend.

Crypto Fear & Greed Index Shows Extreme Fear
On September 6, the Crypto Fear & Greed Index , which tracks market sentiment, scored 22, indicating extreme fear among investors. This marked a sharp decline from the previous day when the score stood at 29. Notably, the present score is the lowest since August 8, when the index hit 20.

This shift back into extreme fear signals growing uncertainty among investors. According to the data, Bitcoin has been in the fear region for the past month. Bitcoin’s recent drop in price has contributed to this fear, with its value falling to $55,838...