Arthur Hayes Bitcoin (BTC) Price Outlook: $70K Bottom in Sight?

Bitcoin has seen a sharp decline over the past few days, dropping below $80,000 again very briefly in the past 24 hours.

Bitcoin (BTC) price dropped below $80,000 again very briefly in the past 24 hours. Although the asset’s price has since recovered and is now trading above $80,000 at the time of writing, there is still more selling pressure.

There could be another break below this price level again before the end of the week.

The latest remarks from Arthur Hayes, co-founder of BitMEX, suggest that this pullback is part of a typical bull market correction. And, Bitcoin might keep declining until it reaches a bottom around $70,000.

Arthur Hayes’ Bitcoin Price Outlook: $70K Bottom In Sight?

Bitcoin’s crash from its recent all-time high of $108,780 has been about 30%. Recently, Arthur Hayes, the co-founder of BitMEX, shared his thoughts on the cryptocurrency’s price movements.

As the flagship cryptocurrency continues its descent from its peak, reached in March, it appears that it’s preparing for another push lower.

Those who are attempting to buy the dip at the current price may encounter further price drops. But, for investors with a higher risk tolerance, now could be the ideal time to accumulate more BTC.

However, for investors who prefer a less risky approach, Hayes advises waiting for central banks to begin pivoting their monetary policies.

A crash in the S&P 500 and the Nasdaq-100 would be ideal for loading more BTC.

Ultimately, a combination of stock market turmoil, economic stress, and signals from the Federal Reserve, the European Central Bank, the People’s Bank of China, and the Bank of Japan to intervene would indicate the optimal time to invest heavily in Bitcoin.

The timing of such an event remains uncertain. But, Hayes’s strategy suggests waiting for clear signals from central banks before making large-scale investments.

Short-Term Targets: BTC’s Path To $70K Or A Recovery?

Several critical price levels must be tested before Bitcoin can reach this price bottom. On March 9, Hayes noted that Bitcoin was on track to retest $78,000.

He added that failure to hold that level could result in a move toward $75,000. During that time, BTC started the week with a decline from $85,000 to $81,000. He also pointed out the significant open interest in options contracts between $70,000 and $75,000. This could trigger a volatile reaction if BTC enters that range.

For now, BTC has rebounded slightly, reclaiming the $80,000 mark, but the sentiment regarding buying pressure and selling pressure is currently uncertain.

At the time of writing, Bitcoin is trading at $82,725, up by 1.67% in the past 24 hours.