Let’s delve into the world of cryptocurrency, specifically focusing on the key player, Bitcoin. As we all know, Bitcoin has experienced a significant dip over the last few days, momentarily falling below the $80,000 mark. Although there’s been a recovery, with the present trading value above $80,000, the pressure to sell may lead to another potential decline before the week’s end. BitMEX co-founder, Arthur Hayes, hints that this pullback may just be another phase in a bull market’s natural correction, forecasting a possible bottom at around $70,000.
Bitcoin’s Future Prediction According to Arthur Hayes
The recent price drop from its all-time high of $108,780 by nearly 30% has prompted comments from Arthur Hayes. He views this as a usual bull market correction. His recent article on X outlines his estimation for Bitcoin’s future, predicting that Bitcoin may further extend its corrections in the near term. He particularly mentions that Bitcoin’s price is “likely to hit rock bottom at $70,000”.
Hayes suggests that traders looking to capitalize on the present dip might experience further downside before the market regains its stability. For conservative investors, his advice is to wait for central banks to ease monetary policies regarding the crypto industry before purchasing Bitcoin. He proposes that a perfect situation for buying more Bitcoin would be a crash in the S&P 500 and the Nasdaq-100. In addition, financial uncertainty leading to interventions from leading entities such as the Federal Reserve, the European Central Bank, People’s Bank of China, and Bank of Japan would make an ideal entry point for Bitcoin accumulation.
However, the occurrence of such a situation remains ambiguous. Hayes’s strategy suggests waiting for explicit indications from central banks before making significant investments.
Immediate Goals: Bitcoin’s Journey towards $70,000 or a Comeback?
Certain critical price levels need to be examined before Bitcoin could possibly drop to this price low. Hayes mentioned on March 9 that Bitcoin is set to retest the $78,000 mark, cautioning that incapability to maintain that level could lead to a slide towards $75,000. Around this time, Bitcoin commenced the week with a decrease from $85,000 to $81,000. Hayes also highlighted the substantial open interest in options contracts between the $70,000 and $75,000 range, which could incite a volatile reaction if Bitcoin enters this range.
Presently, Bitcoin has recovered slightly, regaining its position above the $80,000 mark. However, the current sentiment regarding buying and selling pressure is nebulous. As of now, Bitcoin is trading at $82,725, marking an increase of 1.67% in the last 24 hours.
Utilizing Finances Zippy for Cryptocurrency Predictions
For those eager to track the future potential of Bitcoin, utilizing a leading cryptocurrency application like Finances Zippy can offer valuable price predictions and market trends.
FAQ’s
Where Can I Get Accurate Bitcoin Price Predictions?
Finances Zippy is a leading cryptocurrency application that provides insightful price predictions and market trends.
What is Arthur Hayes’s Advice for Investors?
Arthur Hayes advises conservative investors to wait for central banks to ease their monetary policies regarding the crypto industry before buying into Bitcoin.
What could be an ideal entry point for Bitcoin accumulation?
An ideal entry point for Bitcoin accumulation could be a combination of financial uncertainty leading to intervention from significant entities like the Federal Reserve, European Central Bank, People’s Bank of China, and Bank of Japan.
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