Some of the biggest analysts are convinced that the bottom is close and now is the time to buy crypto. BitMEX founder Arthur Hayes also believes there is a good chance that we are at or near the bottom, but warns of a deeper fall if Bitcoin falls through $20,000 and Ethereum falls below $1,000.
Hayes warns of new wave of sales
Arthur Hayes has shared an on-chain analysis on Twitter in which he writes that most of the liquidations for Bitcoin and Ethereum are behind us. However, if we fall any further, there could be huge selling pressure on the spot market. At that point, according to Hayes, it is mainly trading offices and OTC dealers who will protect themselves by selling part of the stock.
In that regard, there is still room to fall, but it seems that most forced and panic sales are now behind us. However, we must not forget that the current bear market is mainly related to the macroeconomic conditions that have not yet improved. Much depends on the plans of the US Federal Reserve that an important meeting today has.
Raoul Pal and Scaramucci are not afraid
Macro investor Raoul Pal sees the current crypto market declines as an opportunity to expand his portfolio. On June 14, Pal shared with his nearly 1 million followers on Twitter that we are now in the buying zone for Bitcoin. Pal says he is ready to add “significant” capital to his crypto holdings starting next week and early July. He bases this, among other things, on the Relative Strength Index which currently gives a score of 31, bringing us close to the lowest score ever of 28.
Anthony Scaramucci, the founder of Skybridge Capital left get to know CNBC’s Squawk Box that investors now above all have to show discipline. To which Scaramucci also added that his fund currently continues to buy Bitcoin and Ethereum.
“With the money currently flowing into our fund, we are buying more Bitcoin and Ethereum […] So yes, people will look back on this and wish they had bought more by this point,” said Scaramucci.
Mike Novogratz of Galaxy Digital is currently more conservative. According to the billionaire, it is better to wait a little longer, as the economy has the potential to fall a lot further. “Until the Federal Reserve blinks, it might be a good idea to wait a little longer,” said Novogratz, who recently lost a lot of money with the collapse of the Terra ecosystem.
