Arthur Hayes, the founder of BitMEX, is sticking to his prediction that Bitcoin and other cryptocurrencies will fall further before a massive price surge.
Bitcoin’s Bottom?
Hayes recently forecast Bitcoin (BTC) could plummet to $70,000 before skyrocketing to $250,000. He explained his bearish outlook, citing troubling economic indicators and the overall crypto market sentiment. He said the current market feels similar to late 2021, just before the last major crypto crash.
When Will the Pain Stop?
According to Hayes, the crypto correction will continue until investor confidence improves. He believes this will only happen when traditional finance (TradFi) firms are teetering on the brink of collapse. This, he argues, will force the Federal Reserve to intervene, injecting much-needed liquidity into the system. This is when, he says, it will be time to buy crypto aggressively.
Solana’s Potential Drop
Hayes also shared his thoughts on Solana (SOL), suggesting it could fall to November 2022 levels. He questioned whether SOL could even drop to $150, considering its current price of around $216.
Disclaimer
This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.