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Bitcoin

Crypto Pundit Arthur Hayes Says Be Patient After Bitcoin’s 36% Crash, Reveals Possible Bottom

Scott Matherson
by Scott Matherson
6 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin has seen a sharp decline over the past few days, dropping below $80,000 again very briefly in the past 24 hours. Although the asset’s price has since recovered and is now trading above $80,000 at the time of writing, there is still lingering selling pressure of another break below this price level again before the end of the week. 

The latest remarks from Arthur Hayes, co-founder of BitMEX, suggest that this pullback is part of a typical bull market correction, and Bitcoin might keep declining until it reaches a bottom around $70,000. 

Arthur Hayes’ Bitcoin Price Outlook: $70K Bottom in Sight?

Bitcoin’s crash from its recent all-time high of $108,780 has been about 30%. Arthur Hayes recently weighed in on the crash, describing it as a typical correction in a bull market. In a recent post on X, Hayes outlined his expectations for Bitcoin’s trajectory, stating that Bitcoin is probably going to extend its corrections in the short term. Particularly, Hayes noted that the BTC price is “likely to bottom around $70K.”

Related Reading: This Analyst Predicted The Bitcoin Price Crash From $91,000, Why It’s Far From Over

Hayes advised that traders attempting to buy the dip at the current price might experience more downside before the market stabilizes. For investors unwilling to take on more risks, he recommends waiting for central banks to begin easing monetary policies on the crypto industry before buying into BTC. He noted that a crash in the S&P 500 and the Nasdaq-100 would be ideal for loading more BTC.

Furthermore, a combination of stock market turmoil and economic stress leading to intervention from the Federal Reserve, the European Central Bank, the People’s Bank of China, and the Bank of Japan would signal an ideal entry point for accumulating Bitcoin.

The timing of such an event remains uncertain, but Hayes’s strategy suggests waiting for clear signals from central banks before making large-scale investments.

Short-Term Targets: BTC’s Path To $70K Or A Recovery?

Still, several critical price levels must be tested before Bitcoin can reach this price bottom. On March 9, Hayes noted that Bitcoin was on track to retest $78,000, warning that failure to hold that level could result in a move toward $75,000. During that time, BTC started the week with a decline from $85,000 to $81,000. He also pointed out the significant open interest in options contracts between $70,000 and $75,000, which could trigger a volatile reaction if BTC enters that range.

Related Reading: Bitcoin Price Crash Incoming? Why A Fall To $63,000 Is Possible If This Resistance Holds

For now, BTC has rebounded slightly, reclaiming the $80,000 mark, but the sentiment regarding buying pressure and selling pressure is currently uncertain. At the time of writing, Bitcoin is trading at $82,725, up by 1.67% in the past 24 hours.

Bitcoin
BTC trading at $82,915 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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