Former BitMEX CEO Arthur Hayes has gotten back into the pen to share his thoughts on the market. According to Hayes, the Bitcoin price has already reached the bottom in this bearish period and we can look up cautiously again.
Bitcoin fell to around $25,000 in May, shortly after the Terra ecosystem collapse. Over the past few days, we briefly jumped above $30,000 again, but now we are trading just below that again.
Hayes’ soil checklist
Arthur Hayes has drawn up a “soil checklist” in his article in which he goes through the conditions to be able to check whether we have completed the bottom. According to Hayes, the decoupling of Bitcoin and the Nasdaq 100, the American tech exchange, is an important factor in this. In addition, at $25,000, Bitcoin has traded close to the peak of the previous bull run.
Furthermore, we have already had stories in the media about “greedy retail investors” who have lost a lot of money with crypto. These are all factors that, according to Hayes, indicate that the worst is behind us. However, the former CEO of BitMEX warns against getting optimistic right away. After all, the fact that we have reached the bottom does not mean that Bitcoin immediately jumps to $ 70,000 after this.
Be patient and focus on what matters
Bitcoin is currently trading at $29,950, which is very close to the psychological threshold of $30,000. If we fall back a little further, that means Bitcoin is in the red for the tenth week in a row. Which would be an absolute record. According to Hayes, it is important that Bitcoiners “be patient” and above all “focus on what matters”.
Hayes believes everyone should prepare for “impressive bear market rallies” given that so many people are now too negative in the market. People who have taken big losses are probably not willing to bet more capital on Bitcoin right now. It is clear that Hayes is positive about the future of Bitcoin, as the founder of BitMEX previously predicted a price of 1 million dollars for 2030.