Bitcoin Looks “Mad Heavy,” Could Dump If It Breaks Below $40K: Arthur Hayes

• According to Arthur Hayes, co-founder of BitMEX crypto exchange, Bitcoin looks “Mad Heavy.”
• Hayes predicted that BTC would dump if it broke below $40,000 support.
• At a current price of $40,720, Bitcoin has lost over 17% from its highest price this month.

According to Arthur Hayes, co-founder of the BitMEX crypto exchange, Bitcoin looks “Mad Heavy.” In a recent post on X (formerly Twitter), Hayes predicted that the flagship cryptocurrency would dump if it broke below $40,000 support.

In the post, Hayes highlighted that he went long on BTC on March 29, 2023, with $35,000 in strike puts. However, he thinks the pioneer crypto would dump into the upcoming U.S. Treasury quarterly refunding announcement, expected to happen on January 31, 2024.

At a current price of $40,720, Bitcoin has lost over 17% from its highest price this month. The flagship c…

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