- Former CEO of BitMEX, Arthur Hayes, says that the Bitcoin price has already reached the bottom of the ongoing cycle.
- However, Hayes warned that it doesn’t mean the price of Bitcoin will again reach $70,000 as it has already bottomed out.
- Hayes further advises the Bitcoin holders to keep patience and “focus on what matters.” At the time of writing, the top crypto asset was trading at $29,740.12, down 2.25% in the past 24 hours.
According to Arthur Hayes, former CEO of BitMEX, the price of Bitcoin has already witnessed the bottom of the current cycle.
The Bitcoin price dropped down to the $25,000 level at the time of the Terra crash early this May.
Hayes’s “bottom checklist” refers to the decreasing correction between Bitcoin and the tech-heavy Nasdaq 100, Bitcoin standing at a price close to the peak of the previous bull market cycle, and the media blasted “greedy plebs” who suffered due to crypto.
Giving a warning, Hayes said that the price of Bitcoin won’t jump back to $70,000 just because it has already bottomed out.
At the time of writing, the top cryptocurrency is $29,740.12, down 2.25% in the last 24 hours, over 56.75%, from its all-time peak of $69,044.
The leading cryptocurrency in the world by the map is on the verge of reaching its tenth consecutive week in the red.
Hayes then advises the holders to be patient and “focus on what matters.” Recently, Hayes was sentenced to probation for two years.
Hayes advises traders to be prepared for “impressive bear market rallies,” considering that most of them are in a loss reduction mindset. At the same time, those who faced the wrath of the crypto market massacre and suffered major losses are not prepared mentally enough to invest more capital.
Further, Hayes explains that traders may be “eviscerated” by choppy trading action since they lack conviction in their position.
Meanwhile, the former head of BitMEX also forecasted that the Bitcoin price could ultimately reach $1 million by 2030.
Source: https://www.thecoinrepublic.com/2022/06/04/former-bitmex-ceo-arthur-hayes-says-bitcoin-wont-jump-back-to-70000-just-because/