- Arthur Hayes, former CEO of BitMEX, considers that the floor for this bearish cycle of Bitcoin will be around $25 and $27 thousand dollars.
- This assumption is based on the fact that the Moon Foundation Guard (LFG) actually sold the 80,000 BTC.
In the financial asset markets, and more so in the cryptocurrency market, it is full of analysts who have their own opinions regarding the market and the performance of different assets.
Some, due to the number of hits, are more listened to. Others, meanwhile, have their own weight due to their importance and within the crypto ecosystem, Arthur Hayes, former CEO of BitMEX, a famous derivatives trading and cryptocurrency exchange platform, is one of them.
A floor of $25 thousand USD for Bitcoin
From his observation and analysis, Hayes believes that the bottom of this BTC market cycle, which has been on a downward slope for weeks and has turned red, is between $25,000 and $27,000.
At the moment, during the last week, digital gold has not lost the $28,000 line and the lowest floor it has touched in the last month was $26,759 on May 12.
All of these conjectures are based on the case that it is true that the Moon Foundation Guard (LFG) actually sold the 80,000 BTC. Hayes trusts the organization and despite the fact that they have not provided proof of what was communicated, he has “no reason to doubt the veracity” of the statements.
“After contemplating the nature in which these BTC were sold, which was quite a feat in such a short amount of time, I am even more confident that the $25,000 to $27,000 zone for Bitcoin is the bottom of this cycle.” revealed through an article posted on his blog.
How does the former CEO of BitMEX defend his theory?
Hayes bases his technical analysis, in conjunction with a series of metrics, among which he points out the correlation between Bitcoin and Ethereum (ETH), and the Nasdaq 100 index, Saying They Show Crypto Decoupled From Other Risky Assets During The Last Selloff, Reveals cryptonews.
Always under his gaze, Hayes considers that the decoupling that occurred in this case is favorable “at the macro level”, and although not so positive, it will be the path to a possible new maximum. He doesn’t think there will be meteoric rises like there was in the previous bullrun.
The analyst noted that prior to a sharp rise both the political and the macroeconomic outlook must come together, advising investors to “reduce market noise and focus on what matters.”
“Any rebound will be sold, until the forest undergrowth is cleared and the diamond-handed apes can come out of hibernation safely.”Hayes wrote..
It will be worth the wait?
The former CEO believes that it is and that cryptocurrencies will be dominant in the future, since the whales continue to accumulate in this bear market, which the analyst believes is about to end, however I advise investors who bet on the short term to prepare to take care of your bitcoins.
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