BitMEX’s Arthur Hayes Views Bitcoin (BTC) Price Drop as Market Purification

  • Bitcoin may have hit a local bottom and is expected to recover gradually, according to experts including BitMEX founder Arthur Hayes.
  • Hayes predicts an increase in liquidity in the economy next week due to Janet Yellen’s policies could drive a surge in bitcoin’s value.
  • Hayes also suggests that bitcoin could see a period of range-bound price action between $60,000 and $70,000 until August.

Experts suggest that bitcoin may have hit a local bottom and predict a gradual recovery, with BitMEX founder Arthur Hayes anticipating a surge in value due to increased economic liquidity.

Bitcoin May Have Hit a Local Bottom

In a recent blog post, Hayes attributed bitcoin’s latest slump to factors such as the US tax season, uncertainty surrounding the Fed’s actions, the halving “sell the news” event, and a slowdown in the growth of assets under management (AUM) for the spot ETFs in the US. He sees these events as a necessary market cleansing. Hayes also noted that bitcoin hit a local low at around $56,500 earlier this week and expects a rally that could drive its price above $60,000 once again.

Sideways for Now?

Bitcoin surpassed $61,800 on Friday after gaining approximately 5% over the past 24 hours, showing signs of recovery from a midweek decline that pushed its price below $57,000. However, experts believe that the asset would trade sideways. Crypto analyst Kaleo noted that BTC’s sideways movement is typical following a halving event, mirroring patterns seen in previous cycles. Jeff Ross, Founder and CEO of Vailshire Capital Management, also maintained his bullish stance on bitcoin, seeing the upcoming weeks and months as a prime opportunity to accumulate BTC at lower prices as the cryptocurrency trades sideways.

Conclusion

Despite recent volatility, experts remain optimistic about bitcoin’s future performance. The predicted increase in economic liquidity and the typical post-halving sideways movement could provide opportunities for investors to accumulate more bitcoin. As the market continues to evolve, investors will be closely watching these developments.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Upbit Sees 30% Trading Volume Drop Amid New South Korean Crypto Regulations

South Korea's new crypto regulations have significantly...

Cardano (ADA) Faces Critical Support Battle Amid Market Downturn: Will Bulls Defend Key Range?

Cardano, the 10th-largest cryptocurrency by market cap,...

Bitcoin Conference and Ethereum ETF Approval Set to Drive Crypto Market This Week

This week marks a pivotal moment for...

$230 Million Hack Hits WazirX: Shiba Inu (SHIB) Among Major Coins Stolen

India's largest crypto exchange, WazirX,...
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Dogwifhat Price Targets $4 Amid Strong Bullish Momentum

Dogwifhat is experiencing a notable upward momentum...

BOOK OF MEME Coin Soars 47% Amid Bullish Patterns: Potential To Hit $0.015

BOOK OF MEME price experiences a significant surge,...

PIXFI Faces Bearish Turn: Analysis and Key Levels for July 2024

#Pixelverse, a prominent crypto gaming platform, launched its...

Dogecoin Leads the Pack: 2024’s Top Dog-Themed Meme Coin Performance Analysis

In 2024, dog-themed meme coins such as...
Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
spot_imgspot_imgspot_imgspot_img

Upbit Sees 30% Trading Volume Drop Amid New South Korean Crypto Regulations

South Korea's new crypto regulations have significantly impacted major exchanges. These regulations are designed to enhance the security and transparency of...

Cardano (ADA) Faces Critical Support Battle Amid Market Downturn: Will Bulls Defend Key Range?

Cardano, the 10th-largest cryptocurrency by market cap, is currently experiencing downward pressure similar to the broader cryptocurrency market. The price of...

Bitcoin Conference and Ethereum ETF Approval Set to Drive Crypto Market This Week

This week marks a pivotal moment for the cryptocurrency market, with several major events poised to drive significant changes. Analysts are...