Arthur Hayes, co-founder of BitMEX, has reasserted his bullish stance on Bitcoin's future price movements, forecasting that the cryptocurrency may experience a temporary dip to around $70,000 before embarking on another significant upward surge.
According to Hayes, a correction of roughly 36% from Bitcoin’s peak of $110,000 is typical during a bullish market phase, as such pullbacks often precede the next major rally.
Despite this short-term decline, he maintains his long-term price predictions, which see Bitcoin reaching $250,000 by the end of 2025 and potentially hitting $1 million in the distant future.
This optimistic outlook is driven by his expectations of increasing institutional investment, shifting global economic conditions, and persistent inflation, all of which he believes will serve as catalysts for Bitcoin’s continued growth.
Hayes encourages investors to view any dips as opportunities to buy into the ongoing bull market.
At the time of writing, Bitcoin is trading at $80,700, down 2.7% in the past 24 hours and struggling to regain the bullish momentum.
Bitcoin has officially broken through the $121,000 level, rising 2.84% in the past 24 hours to hit $121,400, according to CoinMarketCap data.
Bitcoin has officially broken through the $121,000 level, rising 2.84% in the past 24 hours to hit $121,400, according to CoinMarketCap data.
Bitcoin soared to a new all-time high above $119,000 on July 13, extending its bullish momentum on the back of institutional accumulation, shrinking exchange reserves, and technical breakout patterns.
A major shift in the crypto cycle may be approaching as Bitcoin dominance (BTC.D) once again reaches critical long-term resistance.