Arthur Hayes, former CEO of BitMEX, says that we are at the end of its cycle for Bitcoin, but the market may not see a bullish moment for a while.
Bitcoin has reached the bottom of this cycle according to Arthur Hayes
The former CEO of BitMEX believes that the Bitcoin price has already reached the bottom of the current cycle. During the failure of the Terra project early last May, the Bitcoin price reached $25,000. But Hayes warns bulls that Bitcoin bottoming out doesn’t mean it will immediately return to $70,000. Bitcoin is currently trading 56.75% lower at the ATH level of $69,044.
The world’s largest cryptocurrency continues to close red candles for nine weeks. According to Hayes, who was previously sentenced to two years on probation, Bitcoin investors should be patient and “concentrate on what matters.”
Investors will have a tough time for a while
Hayes says investors should be prepared for “fantastic bear market rallies” given that many investors are currently on a loss-reduction trend. Those who have experienced significant losses are not emotionally prepared to invest additional money. According to Hayes, bull traders who are not confident in their positions will have a hard time for a while due to the volatile market. As we quoted as Kriptokoin.com, the former CEO of BitMEX predicts that the price of Bitcoin will reach $ 1 million by 2030.
Positivity creeps above Bitcoin price floor
In his latest blog post published on June 2, Arthur Hayes also argued that last month’s bottom could be the bottom everyone is looking for. He pointed to data from Glassnode, which has been offering BTC drops from the ATH level over the years. Looking at past halving cycles, there should be strong support near $25,000 given that $69,000 is the ATH level. Hayes reasoned like this:
Don’t take these levels as an exact science. There may be an exchange trading at a higher or lower intraday level than observed on Glassnode.
However, the same data was used earlier in the week to present a lower BTC price target. Meanwhile, Hayes himself had previously said he would be a “buyer” of Bitcoin at $20,000 and Ethereum (ETH) at $1,300.
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