The global crypto market faced one of the worst weekends. Bitcoin Price plummeted below $18k however, the flagship currency saw a short-term recovery surging above $20K. BTC’s price is currently trading at $20,803.03.
Following the trend, major altcoins have also turned green today, with Ethereum price spiking by double digits and are currently trading above $1,000.
Popular Crypto Analyst, Kevin Svenson recently spoke about the bitcoin bottoming trend in his recent video. As per the analyst Bitcoin bottomed out around the $17,000 before igniting a relief rally to above $30,000.
Massive Crypto liquidations Shortly
Former BitMEX CEO Arthur Hayes has warned cryptocurrency investors that there might be more forced selling in the short term.
Mentioning the famous quote of the warren buffet, Arthur says that the market figures out who is swimming naked.
During the weekend the bitcoin price reached the lowest level since December 2020 hitting $17k. At this point, major players like Celsius and Three Arrows Capital may be forced to sell.
In a recent post, Arthur is looking at a particular time frame when crypto could capitulate as panic sellers flood a bidless market.
“By June 30th (second quarter-end), the Fed will have enacted a 75 basis point rate hike and begun shrinking its balance sheet. July 4th falls on a Monday and is a federal and banking holiday. This is the perfect setup for yet another mega crypto dump.”
Arthur warns traders that if this scenario plays out and a major sell-off takes place, he sees the rest of the crypto markets taking a huge hit.