Over the past two months, Bitcoin (BTC) has been bleeding. Reaching an all-time high of $73,777 on March 14, BTC has failed to meet expectations since then. BTC has dropped by about 15 percent, especially in the last month.
Crypto investors focused on the scenarios that could happen in the coming period. BTC's price mobility has become a matter of curiosity. Crypto expert and former CEO of BitMEX, Arthur Hayes, took the stage again. Hayes commented on the upcoming period.
Hayes discussed the US and Bitcoin headlines
Arthur Hayes, who has been in the crypto industry for years and is the co-founder of BitMEX, said that the recent declines have created a bottom and that Bitcoin (BTC) will reach $70,000 by August.
In a blog post published on May 3, Hayes discussed the recent decline in the cryptocurrency market. "The price action has been as I expected," the crypto expert commented.
Commenting on the correction in BTC, Hayes pointed to the US as the culprit for the declines. Hayes cited the US tax season, market anxiety over the Fed's decisions, the "sell the news" strategy after the Bitcoin halving, and the recent performance of spot Bitcoin ETFs as bearish metrics.
The crypto celebrity argued that the fourth major correction in the last 12 months has not negatively affected BTC's trajectory.
Hayes stated that BTC will rise above $ 60,000 in a short time and that the $ 70,000 level will be seen with the bullish scenario that will develop afterwards. Hayes compressed his $70,000 prediction into a 3-month period.
"Are the recent Fed and Treasury policy announcements stealth forms of money printing? Yes," he commented. Hayes attributed the $70,000 rise to financial easing in the US.
