 will likely bottom around $70K, noting a 36% correction from its $110K all-time high is typical in a bull market.){kind=link}
Bitmex co-founder Arthur Hayes has expressed his views on how Bitcoin will be performing in the coming days.
In a X post, Hayes says “$BTC likely bottoms around $70k. 36% correction from $110k ATH, very normal for a bull market.”
He adds, “Then we need stonks, $SPX and $NDX to enter free fall. Then we need TradFi muppet to go under. THEN we get Fed, PBOC, ECB, and BOJ all easing to make their country great again. THEN you load up the truck. Traders will try to buy the dip, if you are more risk averse wait for the central banks to ease then deploy more capital.”
“You might not catch the bottom but you also won’t have to mentally suffer through a long period of sideways and potential unrealised losses.”
The prediction comes amid a steep fall in Bitcoin prices. At the press-time, the token is trading at $80,422.28, down 2.19% as compared to the same time last day.
Arthur Hayes’ Prediction Comes as Tariffs, Broader Market Weighs Bitcoin Price
As traders reassess the impact of trade tensions between the US and other countries due to the tariff scenario, the Bitcoin market continues to lose ground.
As a result of regulatory crackdowns in key markets, concerns have grown that stricter regulations could hinder the development of cryptocurrencies.
Additionally, investors may be able to access their portfolios again this week thanks to the US CPI data, but until then, participants are probably going to adopt a cautious approach.
Also Read: Expert Analyst Suggests Bitcoin Could Surge to $128,000 if $84,000 Support Holds
Additionally, some large institutional investors may be modifying their holdings in response to market volatility, which might put pressure on Bitcoin to sell.
Meanwhile a lack of positive cues in the market has been weighing Bitcoin prices.
Bitcoin Technical Signs Suggest Further Turmoil
Technical signs for the bitcoin market today point to a time of uncertainty and consolidation. Recently, there has been negative pressure on the cryptocurrency, testing important levels like $80,000.
Bitcoin may be set for a brief rebound or reversal as the Relative Strength Index (RSI) approaches oversold territory. Its RSI position, however, indicates that fewer buyers are intervening at higher levels, indicating that market sentiment is still relatively bearish.
The 50-day and 200-day moving averages are displaying indications of a bearish crossover, which frequently denotes additional downside risk. The fact that the price of bitcoin is now below these moving averages supports the downward trend. Around the $80,000 mark, support is being tested; if it holds, it may open the door to a possible recovery.
Traders may wait for confirmation of a trend reversal before reentering the market, though, if the price keeps falling below important support levels. The level of volatility is still high.
Also Read: Bitcoin Faces Uncertainty As Dollar Drops 12-Year Low, Analyst Warns Of Volatility And Bond Risks