According to Cointelegraph, Bitcoin (BTC $40,164) has a date with $35,000 or lower at the hands of fresh global macro turmoil, Arthur Hayes explained.
Bitcoin is expected to be about 75% up in comparison to last year, but it faces a perfect storm of downside volatility catalysts this quarter, added Cointelegraph.
Sources revealed that these come in several guises: the Red Sea conflict between the United States and the Houthis with its impact on global shipping, the US presidential election race and Federal Reserve policy.
“What might be a mild increase in the rate of inflation due to increased shipping costs could be supercharged by rate cuts and the resumption of QE. The market doesn’t appreciate this fact yet, but Bitcoin does,” Hayes concluded.
(With insights from Cointelegraph)
