Arthur Hayes: Firmly believes we are still in a bull market cycle, the most extreme price for Bitcoin will be seventy thousand dollars
ChainCatcher news, BitMEX co-founder Arthur Hayes stated in his latest blog post: "I firmly believe that we are still in a bull market cycle, therefore, the worst bottom will be the historical high of the previous cycle at $70,000. I'm not sure if we will drop that low. A positive signal for dollar liquidity is that the U.S. Treasury General Account is declining, which acts as a liquidity injection.If this round of increase is just a 'dead cat bounce,' I expect Bitcoin to fall back to around $80,000, giving us another entry opportunity. If the S&P 500 index or the Nasdaq 100 index drops 20% to 30% from their historical highs, coupled with a major financial institution on the brink of bankruptcy, we may experience a synchronized adjustment in the global markets. At that time, all risk assets will be sold off together, and Bitcoin may fall below $80,000 again, or even retrace to $70,000.Regardless of how the market changes, we will cautiously buy on dips, avoid leverage, and patiently wait for the final violent fluctuations in the fiat financial markets. As the global economy recovers under the leadership of the U.S., Bitcoin is expected to break through $1,000,000 or even higher."