Arthur Hayes: BTC may bottom out at 70,000 USD, waiting for central bank easing before reinvesting heavily
PANews reported on March 11 that Arthur Hayes tweeted that Bitcoin (BTC) could bottom out around $70,000, which is equivalent to a 36% pullback from its historical high of $110,000 and is considered a normal adjustment in a bull market.
He believes the next step should be to pay attention to the sharp drop in US stocks (SPX, NDX) and bankruptcies of traditional financial institutions (TradFi). Subsequently, the Federal Reserve (Fed), People's Bank of China (PBOC), European Central Bank (ECB), and Bank of Japan (BOJ) may adopt loose policies to stimulate the economy.
Hayes advises traders to be patient. If they have a higher risk tolerance, they can try bottom fishing; if they are more conservative, wait for central bank policy changes before going heavy again to avoid psychological pressure caused by long-term sideways movement or potential floating losses.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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