Bitcoin To Bottom Around $70,000? Arthur Hayes Says Correction ‘Very Normal’ In A Bull Market
Reasons for trust
Strict editorial policy focusing on accuracy, relevance and impartiality
Created and carefully reviewed by industry experts
The highest standards for reporting and publishing
Strict editorial policy focusing on accuracy, relevance and impartiality
The price of football for the Lions and players is a bit soft. Every arcu lorem, super kids or ullamcorper football hatred.
According to crypto entrepreneur Arthur Hayes, the lowest point for Bitcoin (BTC) is likely to be the lowest point of $70,000, marking a 36% correction of its latest all-time high (ATH) to $108,786. Hayes said this correction is “very normal” in the bull market.
Bitcoin is falling further?
Yesterday, Bitcoin reached $76,606 in a low of $76,606 as fears of a recession continued to grow as fears about a recession were rising. For context, the S&P 500 index (SPX) has dropped nearly 8% over the past month.
Related Readings
Latest data from forecast market platform Polmoarket allocates 39% chances of a U.S. recession in 2025. On February 28, the platform’s chances of a 23% U.S. recession this year.
Despite these economic problems, Hayes advises crypto investors to be patient. In X postal The former Bitmex CEO released yesterday bottom About $70,000, a routine 36% correction was completed in January from its ATH.
Hayes further pointed out that once BTC rises by $70,000, traditional financial markets, including the Standard & Poor’s 500 (SPX) and Nasdaq Stocks (NDX) will need to drop sharply, accompanied by failures from major financial institutions.
This, in turn, will prompt central banks such as central banks (such as the Federal Reserve (Fed), the European Central Bank (ECB) and the Bank of Japan (BOJ) to initiate quantitative easing (QE), creating the best buying opportunities. He added:
Then you load the truck. If you are more risky to wait for the central bank to relax and then deploy more capital, traders will try to buy dipping sauce. You may not grab the bottom, but you also don’t have to suffer mental pain in the long side and potential unrealized losses.
Historical data show that quantitative easing is very beneficial to the price of BTC. During the last QE period from March 2020 to November 2021 – in Covid Pandemic – BTC soared from $6,000 to as high as $69,000, marking a surprising 1,050% gain.
Similarly, crypto analyst Michael van de Poppe shared The following chart points out that BTC may have completed a double bottom test and experienced a strong rebound after a potential low yesterday. He further suggested that if BTC violates $83,500 in the $83,500 range, a stronger transfer may be seen.
Data points to BTC trend reversal
While Hayes predicts that BTC hasn’t reached its lowest point yet, some indicators suggest that flagship cryptocurrencies may soon witness a trend reversal. For example, the relative strength index (RSI) of BTC is currently in its state lowest Levels since August 2024 indicate that potential recovery may be coming.
Related Readings
Additionally, the U.S. dollar index (DXY) has recently experienced one of its largest once-weekly decline Since 2013, people have hoped that risky assets like Bitcoin will gather. At press time, BTC was trading at $80,008, up 0.1% over the past 24 hours.
Featured images from Unsplash, charts from X and TradingView.com
