In the grand theater of digital wealth, the maestro Arthur Hayes has decreed—Bitcoin‘s descent to $70,000 is but a trivial act in the bull market’s grand opera. A mere 36% retrenchment from its zenith, he assures us, is as ordinary as the sunrise.
As the cryptocurrency world held its breath, Bitcoin stumbled to a four-month nadir of $76,606. The global stage of markets quaked, with the S&P 500 (SPX) taking an almost 8% dive. A comedy of errors, or a tragedy in the making?
Polymarket, the soothsayer’s platform, now gives a 39% chance of a US recession in 2025. Once a mere 23% probability, the odds grow like a weed in an untended garden.
Hayes, with the wisdom of a seasoned sailor, advises the crypto faithful to hold fast. In an X post, the ex-BitMEX captain declared that Bitcoin shall soon find its bottom, like a shipwreck at the ocean’s floor.
He foresees a day when BTC touches $70,000, and the old financial world—S&P 500 (SPX) and Nasdaq (NDX)—shall collapse in a grand spectacle. cue the central banks! The US Federal Reserve (Fed), the European Central Bank (ECB), and the Bank of Japan (BOJ) shall ride to the rescue with their quantitative easing (QE) caravans.
“Then you load up the truck,” Hayes proclaims. “Traders will scramble for the dip, but the cautious will wait for the central banks to sprinkle their magic QE dust before deploying their gold.”
In times past, QE has been Bitcoin’s fairy godmother, transforming the modest $6,000 into a majestic $69,000. A 1,050% leap that would make even the most jaded of investors weep with joy.
Crypto seer Michael van de Poppe has drawn a chart, a map to potential riches. He declares that Bitcoin has retested its double-bottom and is ready for a mighty bounce. Past $83,500, and the sky’s the limit!
As Hayes foresees the bottom, other signs hint at a reversal of Bitcoin’s fortunes. The Relative Strength Index (RSI) lies dormant, suggesting an awakening is nigh. And the US dollar index (DXY) took a tumble, opening the stage for a Bitcoin revival.
As the curtain falls, BTC stands at $80,008, a modest 0.1% rise in the past day. The show, it seems, is far from over.
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2025-03-12 09:44