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Arthur Hayes of crypto entrepreneur Arthur Hayes believes Bitcoin will bottom at $70,000. This would be a 36% drop from the latest high point (ATH) which was $108,786. Hayes claimed that corrections of this nature are not uncommon. “very normal” In a bullish market.
Bitcoin Price to Drop Further?
Bitcoin’s four-month high of $76,606 was reached yesterday as global cryptocurrency markets and stock exchanges tumbled amid growing fears of a recession. For context, the S&P 500 (SPX) has dropped nearly 8% over the past month.
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Polymarket’s latest predictions show a 39% likelihood of a US economic recession by 2025. Platform data from February 28 predicted that the US would experience a recession in this year.
Hayes encourages investors in crypto to stay patient, despite economic worries. In an X post Published yesterday, former BitMEX CEO said that BTC would likely find its way to a mainstream exchange. bottom Around $70,000. This is a 36% correction to its January ATH.
Hayes further noted that once BTC hits $70,000, traditional financial markets – including the S&P 500 (SPX) and Nasdaq (NDX) – would need to experience a sharp decline, accompanied by failures in major financial institutions.
It would also prompt the US Federal Reserve and other central banks, such as the European Central Bank and Bank of Japan, to begin quantitative easing. This in turn creates a great buying opportunity. He said:
You then load the truck. The traders will buy dips, but if risk is more important to you then wait for central banks to loosen up before investing more. While you might not be able to catch the bottom, it will save you from having to suffer mentally through long periods of sideways trading and unrealised potential losses.
Data from the past suggests that QE was highly beneficial to BTC. During the last QE period, from March 2020 to November 2021 – amid the COVID pandemic – BTC surged from $6,000 to as high as $69,000, marking an astonishing 1,050% gain.
Similarly, crypto analyst Michael van de Poppe shared In the chart above, he noted that BTC had likely finished a double-bottom test and seen a big bounce from yesterday’s low. Further, he suggested that BTC could experience an even more powerful move upwards if it breaks through $83,500.
The BTC trend is reversing, according to data
Hayes may predict that BTC’s bottom is still a ways off, but several indicators point to a possible trend reversal for the leading cryptocurrency. BTC’s Relative Strength Index is at its highest level. lowest Since August 2024 the level has been at its highest point, signaling a possible recovery.
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The US Dollar Index (DXY), which measures the value of the US dollar, recently recorded one of its biggest weekly fluctuations. declines Bitcoin has seen a steady rise since 2013. BTC traded at $80,008 as of the time of publication, up 0.1% from 24 hours ago.
Charts and images are from TradingView.com, X.com.
“This article is not financial advice.”
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Source: www.newsbtc.com
