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Arthur Hayes, co-founder of BitMEX, revealed that Bitcoin 
$104,059 could decline to $70,000 in the near term. He pointed out that the recent 24% correction is a normal movement within an upward trend; however, potential disruptions in U.S. financial institutions could compel central banks to alter their policies. It was emphasized that derivatives and open positions in the market could trigger fluctuations around the $70,000 mark, advising investors to remain cautious.
Expected Decline in Bitcoin and Its Causes
Hayes stated that a technical drop of 36% from Bitcoin’s $110,000 peak to $70,000 is possible. He noted that such corrections are often seen in the cryptocurrency’s historical upward trends. According to Hayes, the potential weakening of American indices like the S&P 500 and Nasdaq could also exert additional pressure on Bitcoin.
Potential Policy Changes by Central Banks
Hayes argued that if traditional financial institutions in the U.S. experience a serious collapse, the Federal Reserve may abandon its quantitative tightening policies. Similar actions could also be followed by the European Central Bank (ECB) and other major central banks. These policy changes might support the cryptocurrency market through an increase in global liquidity.
He highlighted that while central bank interventions may provide short-term market recovery, they will not address structural issues. Emphasizing the need for investors to reassess their risk management strategies, Hayes warned of potential abrupt market volatility. He stated that uncertainties within the global financial system could lead to increased fluctuations in the cryptocurrency market.
