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