Bitcoin could begin a rally next week due to a potential liquidity infusion, an analysis has emerged.
On the 8th (local time), former CEO of BitMEX, Arshan
Arthur Hayes revealed via X (formerly Twitter) that he expects Bitcoin to rise next week and has closed his short position.
On the 6th, Hayes initiated a short position on the possibility that Bitcoin might fall below the psychological support level of $50,000. However, as investor concerns eased, Hayes closed his short position.
"I closed my BTC short position. I made a 3% profit and will use it to buy food and booze at KBW," he said.
The amount was enough to get the 100,000-yen Treasury Secretary Janet Yellen will be keeping an eye on the market and is expected to make a statement over the weekend. If the situation continues next week, Bitcoin could rise as more liquidity is expected.
"The current weakness in the economy and financial markets could lead to such a surge in Bitcoin prices," he said.
Expectations of additional liquidity injections from China, the world's largest economy, could have a major impact on crypto investor sentiment and Bitcoin price action.
"Treasury Secretary Yellen is watching. If the market falls further, she will certainly print more money," Hayes said through X on the 7th.
2024/09/09 16:49 KST
Copyright(C) BlockchainToday wowkorea.jp 118