The price of Bitcoin (BTC) has hit a recent low, but according to Arthur Hayes, former CEO of BitMEX, it's now time for a slow climb.
Bottom reached, slow progress expected
In a May 3 blog post, Hayes commented on the market's recent plunge, stating that "The share price has played out as I expected it to." He also predicted that Bitcoin would reach a level above $60,000 before remaining in the $60,000 to $70,000 range until August.
A welcome correction
Hayes also stressed that Bitcoin's 12% correction this week was "much needed for the market". He attributed the correction to tax season in the US, concerns about Federal Reserve decisions, the "sell the news" event related to Bitcoin halving and a slowdown in investment flows into Bitcoin exchange funds.
A market in consolidation
According to Hayes, the Bitcoin market is currently in a consolidation phase, meaning that prices will remain in a narrow zone before starting to climb again. He also pointed out that crypto markets tend to move slowly after a halving of Bitcoin, which could take several months.
A bright future for Bitcoin
Hayes also pointed out that crypto markets tend to move slowly after a halving of Bitcoin, which could take several months. He also pointed out that crypto markets tend to move slowly after a halving of Bitcoin, which could take several months.
