Bitcoin Price Update: Bitcoin Soars to $79,000 — Arthur Hayes Predicts BTC Dominance Will Skyrocket to 70%!

Jakarta, Pintu News – Arthur Hayes, a Bitcoin (BTC) supporter and co-founder of BitMEX, said that Bitcoin’s dominance in the crypto market will continue to increase.

In his latest tweet, Hayes revealed that he deliberately avoided investing in altcoins, even though altcoin prices were on the decline.

Then, how is the Bitcoin price movement today? Check out the full story!

Bitcoin Price Up 1.02% in 24 Hours

Following the Black Monday crash on April 7, Bitcoin (BTC) showed signs of recovery on April 8, 2025. As of today, BTC is trading at $79,855, or approximately IDR 1,351,687,028 — a modest 1.02% increase over the past 24 hours. During this period, Bitcoin dipped to a low of IDR 1,274,523,692 and climbed to a high of IDR 1,366,608,974.

According to CoinMarketCap, Bitcoin’s market capitalization now stands at around $1.58 trillion, with trading volume in the last 24 hours also up 107% to $88.85 billion.

Read also: Dogecoin Price Up 2% Today (8/4/25): Whale DOGE Sells $41 Million Coins on Black Monday!

Arthur Hayes Predicts Bitcoin’s Dominance Will Increase

Arthur Hayes expressed his views strongly regarding the current market conditions. He admitted that he is actively increasing his Bitcoin holdings while avoiding investing in altcoins.

Hayes also alluded to the possibility of an interest rate cut in the United States and explained how it could happen in one of his recent tweets.

In his latest tweet, the BitMEX co-founder said:

“Been buying $BTC little by little all day, and will continue to do so. Shitcoin is starting to come into our crosshairs, but I think #bitcoin dominance will continue to accelerate towards 70%.”

Hayes specifically mentioned monetary policy as the main factor behind his optimistic outlook on Bitcoin. He adds:

“So we haven’t splurged on supermarket shitcoins. Remember, printing money is the only solution they have.”

This statement suggests that Hayes believes central bank policy will continue to favor Bitcoin as a hedge against inflation and currency weakness.

The 70% dominance target is a significant jump compared to Bitcoin’s current market share. If it happens, it would represent a major shift of funds from altcoins back to Bitcoin.

Read also: Ethereum Stuck at $1,500 Today — But Whale Siblings Just Bought $42M in ETH! What Do They Know?

Whale Accumulation Reaches Highest Level

Amidst Arthur Hayes’ Bitcoin predictions, on-chain analytics firm Glassnode revealed a significant pattern of Bitcoin accumulation amongwhales.

Based on their data, whales holding more than 10,000 BTC recorded a near-perfect accumulation score of around 1.0 at the turn of the month. This indicates that there was very intense buying activity in the last 15 days.

Although the accumulation score has now decreased to around 0.65, it still shows that the whales continue to buy consistently. This level of accumulation by large holders contrasts sharply with the behavior of smaller Bitcoin holders.

Glassnode noted:

“Meanwhile, the group of holders from

This difference in behavior is often an indicator of major movements in the market. Historically, periods where whales accumulate while retail investors sell, often precede bullish phases in the Bitcoin market cycle.

Bitcoin forms support level at $74,000

Bitcoin price seems to have formed a support level around $74,000, according to data shared by Glassnode. This analysis comes amid a sharp decline in the value of Bitcoin and altcoins that lost more than 10% in the last 24 hours (7/4).

The data shows that this price level aligns with “the first major supply cluster below $80K – over 50,000 BTC at $74,200.” This supply zone comes mostly from investors who have been active in the market for the past five months or so.

Read also: 3 Crypto that Plummeted in Early April 2025!

The strength of this support level will be an important factor in Bitcoin’s short-term price movements, especially amid the current market volatility. If this support is able to hold, it could be the foundation for price recovery towards previous highs.

OKX Partner Ted highlights important technical levels that could determine the direction of Bitcoin’s next move.

“BTC is trying to reclaim the weekly 50-EMA level. This has acted as a dividing line of bulls and bears for BTC,” Ted said on platform X.

In his analysis, Ted warned that failure to reclaim these moving averages could trigger further declines.

He mentions potential correction targets in the range of “$69K-$70K (2021 highs) and even $67K (Saylor average entry price).” Conversely, if Bitcoin manages to break back above the 50-EMA, there could be a relief rally or recovery rally.

This analysis comes on the heels of total liquidations in the crypto market breaking the $600 million mark, as well as Bitcoin’s price falling below the crucial $80,000 level.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Coingape. Arthur Hayes Predicts 70% Bitcoin Dominance as BTC Whales Hit Peak Accumulation. Accessed on April 8, 2025