The former CEO of BitMEX, Arthur Hayes, believes Bitcoin has reached a low point and will rise gradually in the coming months. He believes the recent market decline was in line with his expectations, with Bitcoin falling to a local low of approximately $58,600 before rebounding above $60,000 and staying within a range of $60,000 to $70,000 through August. Hayes also sees the recent 12% correction as a necessary correction for the market. He attributes the decline to several factors, including the US tax season, concerns about Federal Reserve decisions, the “sell the news” effect of Bitcoin halving and a slowdown in the growth of assets managed by spot Bitcoin ETFs. Access more than 50 of the world’s financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange Hayes expects the crypto market to gradually recover after this downturn, driven by increased dollar liquidity.
