• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
Arthur Hayes Says Bitcoin And Ethereum May Not Be Ready To Recover Drastically

Arthur Hayes Says Bitcoin And Ethereum May Not Be Ready To Recover Drastically

Denis by Denis
8 months ago
in Bitcoin
Reading Time: 2 mins read
Advertisement

The recent crash in the crypto markets took everyone by surprise, especially Bitcoin. Many coins lost value drastically and very fast at that. Even the number one crypto Bitcoin took a big hit when investors kept selling out in panic. While many are hoping for a recovery, the storm is still rising. Also, many speculations abound in the market as investors are thrown in disarray.

Related Reading | Bitcoin Exchange Outflows Suggest That Investors Are Starting To Accumulate

With all the chaos, it’s no surprise that the co-founder of BitMex predicts both Bitcoin and Ethereum bottom levels. According to Hayes, Bitcoin will relax at $25,000-$27000, while Ethereum will remain at $1700-$1800. This is a far cry from what both cryptos were trading some months back.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

On his reasons for making the predictions, Hayes pointed out that the sale of 80,000 BTC done recently by Terra has reduced the frenzy to sell Bitcoin.

Another reason for this set bottom is that BTC is lagging while stocks recover. Last week, while Wall Street saw some positives, Bitcoin went lower instead to $29,000+ from May 29 to May 30. On May 31 and June 1, the price went up to $31,000 but it’s now fluctuating between $29k – $30k At press time.

Arthur Hayes Says Bitcoin And Ethereum May Not Be Ready To Recover Drastically
BTC surpasses the $30k mark | Source: BTCUSD on TradingView.com

The crypto market commenced a downward trend when the Federal Reserve announced increased taxes. While some investors were still undecided about selling or not, the market dived down to the worst as soon as the tax became effective.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

The incident caused panic selling, and many investors lost their investments. For instance, Bitcoin that reached the $40K resistance spiraled downwards and has lost at least 9.40% since then. Apart from the prices of crypto that fell, the global cryptocurrency market also decreased drastically.

Is There Any Hope For Bitcoin and Ethereum Recovery?

According to Hayes, no one can predict a recovery in the nearest future. The increase in rates by the Federal Reserve was to help the fight against inflation. Unfortunately, these conditions are still prevalent, and the rates are still there. So, the market is still not ready to move.

Another reason for the downward trend that went out of control was short-term crypto investors. This group doesn’t believe in waiting it out until profitability returns.

Related Reading | Bitcoin Rests Tentatively Above $31,000, Bull Rally Or Trap?

They’re more willing to sell at a lower loss than hold their assets uncertainly for the future rally. Even with that, Hayes believes a recovery might come later. But if it must happen, many sellers have to exit their positions and grab some value.

As for the time to expect the rally, Hayes hinted that it might happen when short-termers sell off their holdings. So, he advised that all investors remain patient and still hope that Ethereum might still hit the $10,000 predictions by the year’s end.

Featured image from Pixabay, chart from TradingView.com
Tags: Arthur Hayesbitcoinethereum
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Denis

Denis

Denis is a passionate writer and editor and he's been writing in finance industry for almost 6 years.

Related Posts

Bitcoin

Don’t Get Too Greedy On Bitcoin, Analyst Suggests, Here’s Why

19 hours ago
bitcoin price bear

Will Bitcoin Price Return To $20,000? Here’s What Investors Expect

20 hours ago
Bitcoin

Bitcoin Short-Term Holder Profit Taking Reaches Levels Not Seen Since Nov. 2021

2 days ago
Bitcoin crypto liquidations

Crypto Market Still Reeling As Bitcoin’s Break Above $24,000 Triggers Liquidations

2 days ago
Nigerians buying bitcoin

Are Nigerians Really Buying Bitcoin For As High As $34,000?

3 days ago
Bitcoin Bulls

FED To Put Off Interest Rate Hikes, Bitcoin Rallies: Here’s Why

3 days ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Metaspins

Metaspins

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
Coinplay

Coinplay

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

Fantom And Decentraland Explode As Big Eyes Coin Raises $21M In Presale

February 4, 2023

The Metaverse Represents The Future of Web3: Decentraland (MANA), The Sandbox (SAND), and Snowfall Protocol (SNW) Lead the Way

February 4, 2023

Snowfall Protocol (SNW), Shiba Inu (SHIB), and Cronos (CRO) – The Best Cheap Cryptos to Buy Now

February 4, 2023

ApeCoin (APE), Dogecoin (DOGE), and Snowfall Protocol (SNW) – Three Great Coins for NFT Lovers

February 3, 2023

Turn Playtime into Paytime with RankerDAO’s Gaming Crypto Platform

February 3, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.