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. Thisthe 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 repay, but that’s a lot of physical bitcoins to sell in a short time,” the expert said.

On weekends, when fiat channels are closed, the priceBTC fell to a low of $17,600 on high trading volume, Hayes noted. After a dump of almost 20%, the market quickly grew even on a low volume. According to him, it looks like the forced seller "triggered a run on the stop losses."

«Given the poor state of managementrisks from crypto lenders and overly generous terms, expect more pockets of forced selling of BTC and ETH as the market figures out who's swimming naked,” Hayes wrote.

However, he believes this will provide savvy investors with the opportunity to buy «coins from those who are forced to sell, regardless of price».

Formerly President of Euro Pacific Capital Peter Schiffwarned that the return of bitcoin to levels 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.

The head of DoubleLine Capital, Jeffrey Gundlach, said that 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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