Arthur Hayes: Bitcoin bottomed out at $18,000

by in Cryptocurrency News

Arthur Hayes

According to the founder and former CEO of BitMEX crypto exchange Arthur Hayes, bitcoin hit bottom in June.

The fall of BTC to $18,000 last month was a landmark event for the entire market. Many traders and speculators left the cryptosphere after such a collapse. It was at this moment that the largest digital currency was able to find the bottom, after which the risks of a new rollback were minimized, the expert believes.

Some investors took advantage of bitcoin's short-term drop below $18,000 and bought at a comfortable price.

Arthur Hayes emphasized: "This level the $18,000 mark was probably the bottom. However, the bottom is usually tested again before the market returns to the bullish phase."

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Thus, the founder of BitMEX does not exclude that shortly BTC may again fall to $18,000, but after that, the trend should change dramatically.

One of the triggers for a change in the vector should be the easing of the policy of the US Federal Reserve System. So far, there are no signals to reduce the discount rate due to high inflation.

But as soon as the regulator changes the monetary rate, not only high-tech companies but also cryptocurrencies will be able to recoup, predicts Hayes.