Arthur Hayes Asserts Bitcoin Bull Market Continues Amid Market Corrections
BitMEX co-founder Arthur Hayes asserts that the Bitcoin bull market continues, despite signs of market exhaustion. He predicts Bitcoin may decline to $80,000 before rebounding but warns a 20-30% correction in the S&P 500 or Nasdaq 100 could push Bitcoin briefly to $70,000.
Current data shows Bitcoin trading around $83,600, down approximately 9% in the last 24 hours. Hayes suggests any near-term drop presents a buying opportunity for long-term investors and advises caution against excessive leverage.
Crypto analyst PlanB notes that Bitcoin bull markets typically experience dips of 20-30% followed by rapid recoveries. A recovery in the coming days would support the continuation of the bull phase.
Fidelity’s Bitcoin Bull Market Analysis
Fidelity Investments highlights the ongoing crypto bull market has lasted 28 months since November 2022, with Bitcoin rising over 400%. Historical trends indicate previous bull cycles lasted about three years before transitioning to bearish phases. Chris Kuiper from Fidelity cautions that Bitcoin might be entering a mature phase, potentially limiting opportunities for late-stage investors.
Macroeconomic factors could extend Bitcoin's bullish trend. Hayes forecasts Bitcoin could exceed $1 million as global economic stability improves.
Comment on Strategic Bitcoin Reserve
Hayes is skeptical regarding Donald Trump’s proposed strategic Bitcoin reserve, citing insufficient US government liquidity to support such an initiative. He advises focusing on Bitcoin investments instead of political discussions.