Bitcoin Price Crashes Below $53K But Arthur Hayes Expects It To Plummet Further

BitMex co-founder Arthur Hayes says Bitcoin is headed to $50,000 this weekend.

Bitcoin’s price crashed on Friday to its lowest level since “Black Monday” following macroeconomic shakeups.

The world’s largest cryptocurrency fell to a low of about $52,800, according to data from Markets Pro. It last traded down about 7% over the past 24 hours at $53,100.

The price of BTC has now corrected by about 20% from its all-time high of $63,200, reached earlier this month.

The recent collapse appears to have fully corroborated the prediction of BitMEX co-founder Arthur Hayes, who anticipated that Bitcoin would crash to $50,000 this week. In a recent post on his blog, Hayes noted that the Deribit options market was pricing in a 70% probability that Bitcoin would hit $50,000 by Monday.

Hayes added that he expects the flagship cryptocurrency to continue plummeting after this weekend. He predicts that the Deribit options will begin pricing in a 50% probability that Bitcoin will crash to $40,000 by December.

"If you're not having fun yet, just wait until Deribit prices in a 50% probability of Bitcoin at $40,000 by December," Hayes wrote.

"That's when the party really gets started and you'll be wishing for a Deribit product that pays out at $20,000."

Hayes has been closely following the Deribit options to gauge the market sentiment toward Bitcoin’s price direction. He previously predicted that Bitcoin would hit $100,000 by the end of 2021, based on the options pricing.

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