Will Bitcoin Hit the Bottom at $70,000? Check out Arthur Hayes’ Prediction!

Jakarta, Pintu News – According to crypto entrepreneur Arthur Hayes, Bitcoin is likely to bottom out at around $70,000, marking a 36% correction from its last all-time high of $108,786. Hayes stated that corrections like this are “perfectly normal” in a bull market.

Predictions for Further Bitcoin Decline

Just yesterday, Bitcoin (BTC) hit a four-month low of $76,606, as global crypto markets and stock markets crashed due to growing concerns about an economic recession.

In comparison, the S&P 500 has fallen by almost 8% over the past month. The latest data from prediction market platform Polymarket shows a 39% chance of a recession in the US by 2025. On February 28, the platform gave a 23% probability of a recession in the US this year.

Also Read: Bitcoin’s RSI Dominance Down? Crypto Analyst Seth Says Altcoin Market Opportunities Await!

Arthur Hayes Advises Patience

Despite economic concerns, Hayes advises crypto investors to remain patient. In a post on X yesterday, the former BitMEX CEO stated that Bitcoin (BTC) will likely find its bottom around $70,000, completing a routine 36% correction from its ATH in January. Hayes also added that once Bitcoin (BTC) reaches $70,000, traditional financial markets such as the S&P 500 and Nasdaq will need to experience a sharp decline, accompanied by failures in major financial institutions.

Indicators Point to Potential Bitcoin Recovery

Although Hayes predicts that Bitcoin (BTC) has yet to hit bottom, several indicators suggest that this major cryptocurrency may soon experience a trend reversal. For example, Bitcoin’s Relative Strength Index (RSI) is currently at its lowest level since August 2024, signaling that a potential recovery may be imminent.

In addition, the US dollar index (DXY) recently experienced one of its biggest weekly declines since 2013, raising hopes for a rally in riskier assets like Bitcoin. Currently, Bitcoin (BTC) is trading at $80,008, up 0.1% in the last 24 hours.

Conclusion

Although the market is currently experiencing uncertainty, Arthur Hayes’ view on Bitcoin’s (BTC) potential bottom at $70,000 provides a perspective that investors can refer to. Major corrections in bull markets are a common phenomenon, and understanding this can help in making more informed investment decisions.

Also Read: Will ETH Fall Below $1,500 Before the Market Recovers? Here’s the Price Pattern Analysis! (3/13/25)

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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. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• NewsBTC. Bitcoin to Bottom Around $70,000, Arthur Hayes Says; Correction Very Normal in a Bull Market. Accessed on March 13, 2025
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