Bitcoin: Arthur Hayes believes that Bitcoin has reached the bottom of this cycle. BitMEX former CEO Arthur Hayes stated that the Bitcoin price has reached the end of the current cycle. Bitcoin dropped to $25,000 during the collapse of the Terra project in early May.
Hayes warned the bulls that just because Bitcoin has already bottomed out doesn’t mean it will skyrocket to $70,000. The top cryptocurrency is currently down 56.75% from its all-time high of $69,044.
Bitcoin is currently trading at $29,890 on the Bitstamp exchange. The leading cryptocurrency is now on the cusp of closing in the red for its tenth consecutive week. Hayes, who was recently sentenced to two years on probation, claims that Bitcoin holders need to be patient and “focus on what matters.” He believes traders should be prepared for “impressive bear market rallies” given that many are currently in a loss-taking mindset.