Is Bitcoin’s bull market hanging on by a thread, or are we simply overlooking the signs of its resilience? Arthur Hayes, co-founder of BitMEX, confidently asserts that the bullish momentum for Bitcoin is still very much alive, even as skeptics whisper of market fatigue. In a recent blog post titled “KISS of Death,” he doesn’t shy away from suggesting a potential dip to $70,000, should the stock market take a nosedive. However, Hayes sees this as a golden opportunity for long-term investors to scoop up more Bitcoin at a lower price. With volatility being the spice of crypto trading, how should investors approach these turbulent waters? As we dive into Hayes’ outlook and strategies, you might just find a fresh perspective on navigating the unpredictable world of cryptocurrencies. LEARN MORE
Key Notes
- Arthur Hayes maintains that Bitcoin’s bull market is ongoing despite concerns of market exhaustion.
- He predicts Bitcoin could briefly drop to $70,000 if stock markets face a sharp correction.
- Hayes views any near-term dip as a buying opportunity for long-term investors.
BitMEX co-founder Arthur Hayes believes that the Bitcoin bull market is still in full swing. This comes as many crypto analysts suggest that the bull market may be running out of steam due to market exhaustion and retail investors losing confidence.
In a recent blog post titled “KISS of Death”, Hayes discussed the possibility of Bitcoin
BTC
$88 405
24h volatility:
5.5%
Market cap:
$1.75 T
Vol. 24h:
$52.07 B
declining to $80,000 before resuming its upward trajectory. He further warned that a major downturn in the stock market, particularly a 20-30% correction in the S&P 500 or Nasdaq 100, could trigger forced selling across risk assets, including Bitcoin. If such a scenario unfolds, he believes Bitcoin could briefly revisit $70,000.
Notably, as per the data by CoinMarketCap, Bitcoin is currently trading around $83,600, down by around 9% in the past 24 hours. Hayes explained that any drop in the near future would be a good buying opportunity for long-term investors. He urged traders to exercise patience, avoid excessive leverage, and capitalize on dips.
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