Arthur Hayes, Who Says Bitcoin's Correction is Over, Announces the Altcoins He Will Buy!
Release: 2024/05/03 21:17 Reading: 888
Bitcoin Decline: Factors and Expert Insights
Despite the recent decline in Bitcoin's value since April, various factors have contributed to this trend.
Selling Pressure and Healthy Correction
The selling pressure on BTC has driven its price down to $56,000. However, BitMEX's former CEO, Arthur Hayes, believes this decline is a healthy and necessary correction.
Overvaluation and Market Cleansing
Hayes predicted the BTC price decline, citing its overvaluation. He emphasized that the current market cleansing is essential for the cryptocurrency's long-term growth.
Accumulation Period
Hayes views the decline as an opportunity for accumulation. He intends to continue adding Bitcoin, Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and Dogwifhat (WIF) to his portfolio.
Factors Influencing the Decline
Hayes attributed the decline to several factors:
- US tax season
- Uncertainty about FED interest rate cuts
- Post-halving news
- Spot ETF outflows in the US
Gradual Rise and Future Predictions
Hayes believes that Bitcoin has formed a local bottom around $58,600 and predicts a gradual rise above $60,000. By August, he foresees Bitcoin reaching a range between $60,000 and $70,000.
Disclaimer: This information does not constitute investment advice.
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