While there has been a decline in the leading cryptocurrency Bitcoin since April, many factors were effective in this decline.
While the selling pressure caused BTC to fall to $ 56,000, BitMEX former CEO Arthur Hayes said that this decline was healthy and necessary.
Commenting on the latest decline at this point, Hayes said, “The price movement was as I expected,” referring to his comments stating that the BTC price was overvalued and that he expected a decline.
Stating that the decline in Bitcoin is a much-needed market cleansing, the famous name stated that now is the accumulation period and said that he will continue to accumulate Bitcoin, Ethereum (ETH), Solana (SOL), Dogecoin (DOGE) and Dogwifhat (WIF).
“Bitcoin's decline and price movement happened as I expected.
At this point, all factors such as the US tax season, the uncertainty about what the FED will do about interest rate cuts, the news of the news after Bitcoin's halving, and the successive outflows of spot ETFs in the US have come together and have seen a lot of volatility in the last two weeks. It provided a much needed market clean-up.
This decline is an opportunity as prices will slowly rise.
That's why we strong investors will continue to accumulate our favorite cryptocurrencies like Bitcoin and Ethereum and the most popular meme tokens like Solana, Dog Wif Hat and Dogecoin.”
Claiming that Bitcoin formed a local bottom around $58,600 earlier this week, Hayes stated that the price will gradually rise above $60,000.
Finally, Hayes predicted that Bitcoin would rise to between $60,000 and $70,000 by August.
*This is not investment advice.
