#TradingAnalysis101 Co-founder of BitMEX Arthur Hayes expressed his opinion on social network X that the price of bitcoin could drop to $70,000
In his assessment, such a decline would represent a 36% drop from the all-time high of $110,000, which corresponds to a standard correction in a bull market.
Hayes also noted that further developments could be related to the decline of American stock indices (S&P 500, Nasdaq) and the bankruptcy of traditional financial organizations. In response, the US Federal Reserve, the People's Bank of China, the European Central Bank, and the Bank of Japan may shift to a more accommodative monetary policy to support the economy.
He advises traders to maintain patience: risk enthusiasts may try to buy the asset at the low, while more cautious investors should wait for changes in the policies of global regulators to avoid stress related to long-term consolidation or potential losses.
Earlier on Tuesday, bitcoin updated its lows from November 2024, falling to $77,000, after which it corrected to $80,000. Sales in the crypto market were triggered by a drop in quotes on Wall Street: the Nasdaq Composite fell by 4%, the S&P 500 by 2.7%, and the Dow Jones lost 2.08%. These events occurred amid increasing fears of recession following statements by Donald Trump, who suggested a possible worsening of the economic situation.$BTC
