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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Here’s What Would Happen If Bitcoin Breaks Below $20K, Arthur Hayes Predicts

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
bitcoin

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The crypto market pushes further down and seems poised for more losses as Bitcoin touches the low of its current levels. The number one crypto by market cap approaches a major support level, and if bulls failed to protect it, BTC’s price could return to its 2020 range.

Related Reading | By The Numbers: Bitcoin Suffers Largest Single Day Drop Since March 2020

At the time of writing, Bitcoin (BTC) trades at $21,800 with a 5% and 29% loss in the last 24-hours and 7-days, respectively. BTC’s price began to trend lower as a result of a series of bad news around major crypto companies, and the U.S. Federal Reserve (FED) shift to its monetary policy.

Bitcoin BTC BTCUSD
BTC’s price trends to the downside on the 4-hour chart. Source: BTCUSD Tradingview

The general sentiment in crypto is fear as market participants are prepared for further losses. According to crypto exchange BitMEX Co-Founder Arthur Hayes, investors are hedging against downside price action by buying put (sell) options contracts.

Here we go …

1/

Looking at onchain data for $wBTC and $ETH, the liquidations have mostly happened. Data visualization from @parsec_finance

— Arthur Hayes (@CryptoHayes) June 14, 2022

Hayes claims that options platforms Deribit record a high Open Interest (OI), total open options contracts, for Bitcoin at $20,000 and for Ethereum at $1,000. In addition, Hayes believes other “massive” investment vehicles could be “centered around those strikes”, around those specific price levels.

In that sense, $20,000 seems like a critical support level for Bitcoin. This price point coincides with the 2017 bull-run peak when the price of BTC climbed from below $3,000 and into price discovery mode.

Previous all-time highs usually are key levels when an asset trends downside. A lot of people could have bought the 2020 rally beyond $20,000, and they might be unwilling to sell below this price. Hayes said the following:

As far as the charts go, you better get out your Lord Satoshi prayer book, and hope the lord shows kindness on the soul of the crypto markets. Because if these levels break, you might as well shut down your computer because your charts will be useless for a while.

Bitcoin Could Enter A Black Hole?

If Bitcoin and Ethereum are unable to stay above those levels, Hayes predicts potential doom for the crypto market. As the FED begins to increase interest rates, the market seems ready for further losses even if BTC and ETH are in critical support. Hayes added:

If these levels break, 20k BTC and 1k ETH, we can expect massive sell pressure in the spot markets as dealers hedge themselves. We can also expect that there will be some otc (over the counter) dealers and that will be unable to hedge properly and might go belly up.

Related Reading | Has Bitcoin Hit Bottom Yet? Here’s What On-Chain Data Says

For the time being, the crypto market and traditional markets could see some relief as indicators enter oversold levels.

$SPX hitting the first significant support ever since the breakdown.

Still think it will probably head towards covid lows eventually but support is support.

Gimme a bounce pic.twitter.com/A1DbeAIPVD

— DonAlt (@CryptoDonAlt) June 14, 2022

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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