Arthur Hayes, former CEO of crypto exchange BitMEX, has said Bitcoin could fall below $35,000 due to global macroeconomic and political turmoil.
According to him, the price of the cryptocurrency could fall due to Fed policy and excessive inflation, conflicts in the Middle East as well as the US presidential election.
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Hayes has said that risk assets, including cryptocurrencies, are waiting for a "turnaround" by the Federal Reserve in March this year: an interest rate cut should lead to a return of liquidity to the market.
However, he has said that due to the current political environment, shipping costs could increase, which will lead to higher prices in the third or fourth quarter.
Taking these factors into account, Hayes believes Bitcoin could correct by 30% from the local high of $49,000 to $33,600.