Bitcoin (BTC) The price dropped below $30,000 earlier today. This decline means that Arthur Hayes, who is also the CEO of BitMEX, has reached the bottom of the current cycle.
Bitcoin Is Under $30,000 And Wiped Weekly Gains
After falling to $29,869, the leading cryptocurrency now looks dangerously close to turning negative on the weekly chart. Bitcoin has recently been down for nine consecutive weeks. The bears will have a good chance to extend this bearish line if the price stays below $29,454.
Left (LEFT), was the most depreciating altcoin today, down nearly 9% after the network was disrupted once again. Blockchain validators have announced that they have stopped processing new blocks, rendering the entire network unusable. Solana is now very close to losing its 9th place to Dogecoin.
After the collapse of the Terra blockchain project at the beginning of May, the price of Bitcoin dropped to $ 25,000. He warned that while the price has reached a bottom, according to Hayes’ bottom checklist, the meaning should not be misunderstood. Many people think the bulls can push the price up to $70,000 after the cycle hits a bottom, but Hayes is firmly against it.
It should be noted that BTC price It has lost 56.75% from its high of $69,044.
Hayes also noted that traders should be prepared for “impressive bear market rallies” given that many are currently in the loss-taking mindset. Those who have suffered huge losses are not mentally prepared to deploy more capital. He said bullish traders could be “deployed” by volatile trading actions because they had no faith in their position.
The former head of BitMEX continues to predict that the price of Bitcoin could eventually reach $1 million by 2030.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.