Bitcoin Price Prediction: How Low Can It Go?

Bitcoin is going through a rough patch, with predictions from BitMEX co-founder Arthur Hayes indicating it might drop below $50,000 this weekend.

Bitcoin price fell on Friday amid concerns about a possible U.S. economic slowdown and market fear ahead of August employment data.

Bitcoin was trading down 3% at $56,000 (76 million won) by 01:03 GMT (8:03 AM KST), extending losses from Thursday. A report from Bitfinex suggested that Bitcoin could drop by 20% to $40,000 if the Federal Reserve raises interest rates by 50 basis points this month.

A weak demand and negative sentiment are expected to keep the crypto market down, with some analysts predicting that Bitcoin could even fall to $50,000.

A BitMEX co-founder predicted that Bitcoin would fall below $50,000 this weekend.

“$BTC is heavy, I’m gunning for sub $50k this weekend. I took a cheeky short. Pray for my soul, for I am a degen,” BitMEX co-founder Arthur Hayes wrote on Friday.

The Crypto Fear & Greed Index fell to 22 on Friday, indicating “extreme fear”—its lowest level since August 8.

Bitcoin's price briefly dropped to $55,838 on Friday but recovered slightly to trade at $56,585, according to CoinMarketCap.

The recent decline wiped $29.7 billion off of Bitcoin's market value, CoinMarketCap data showed.

Other crypto prices today

Other cryptocurrencies also saw losses on Friday, with Ether down 2.23%, Solana down 2.82% and XRP down 2.19%.

Overall, there were $94.26 million in liquidations over the last 24 hours, with $36.71 million in Bitcoin longs and $17.36 million in Ethereum longs.

How low can Bitcoin go?

The Crypto Fear & Greed Index at an extreme low of 22 on Friday signaled heightened market fear and uncertainty.

BitMEX co-founder Hayes' prediction of a possible drop to $50,000 this weekend highlighted the anxious and cautious mood among market participants.

Investors are keeping a close eye on economic indicators and market trends, which will likely influence the direction of Bitcoin and other cryptocurrencies.

Some analysts eyed $46,000, a level last seen in February, as a potential low for Bitcoin, while others, like 10x Research, saw the low $40,000s as a possible entry point for a bull market.

Meanwhile, Moustache believes that Bitcoin might find support around $57,000 based on historical trends.

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