Hunter Horsley, the chief executive of asset management firm Bitwise, forecasts a bullish uptrend for Bitcoin in the near future, despite the current crypto market crash. He believes that as the economic situation in the United States worsens, money currently “parked” in equities and traditional investments will flow into Bitcoin (BTC) as a safe haven.
In an X (formerly Twitter) post, Horsley stated his belief that the Federal Reserve will continue to cut interest rates, which will further push the price of BTC higher.
I think we will look back on today as the setting of the stage for an incredible bull run in bitcoin.
Horsely believes that “a lot of dollars parked in equities and fixed income will be looking for a new home,” amid the declining economic condition of the US and there is a strong possibility of a crypto market rebound.
The price of Bitcoin plummeted a massive 13% in the past 24 hours as the leading cryptocurrency is trading at $52,832 at the time of writing, down 28.19% from its all-time high of $73,750 witnessed in March this year. The digital asset failed to maintain price action above $70,000 in the past 30 days, which has been a major resistance level for the cryptocurrency.
Arthur Hayes, co-founder of crypto derivatives exchange BitMEX, commented on the situation, stating, “somebody big got smoked, and is dumping all crypto.” Hayes speculated that a wallet with massive leveraged position caused the market downfall, wiping off millions from the digital asset space.
My TradFi birdies are telling me somebody big got smoked, and is dumping all #crypto. No idea if this is true, I won’t name names, but let the fam know if you are hearing the same?????
— Arthur Hayes (@CryptoHayes) August 5, 2024
Rex Capital stated on X that Tron blockchain founder Justin Sun, could be the person who got liquidated for a whopping $2 billion. However, another X user pointed out that Sun’s wallet still has $2 billion in Ethereum which means he is not the one to be liquidated.
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