Arthur Hayes: We are still firmly in a bull market cycle, and the most extreme price of Bitcoin will be $70,000

According to the latest blog post by BitMEX co-founder Arthur Hayes, "I firmly believe that we are still in a bull market cycle, and therefore the worst bottom will be the historical high of $70,000 in the previous cycle. I'm not sure if we will drop that low. A positive signal for US dollar liquidity is that the US Treasury General Account is declining, which is providing liquidity injection. If this round of rally is just a 'dead cat bounce', I expect Bitcoin to fall back to around $80,000, giving us another opportunity to enter the market. If the S&P 500 or Nasdaq 100 index falls 20% to 30% from its historical high, coupled with a major financial institution on the verge of bankruptcy, we may experience a synchronized adjustment in the global market. At that time, all risk assets will suffer from sell-offs, and Bitcoin may once again fall below $80,000, or even correct to $70,000. Regardless of how the market changes, we will cautiously buy at low prices, not use leverage, and patiently wait for the final violent fluctuations in the fiat financial market. When the global economy recovers under the leadership of the US, Bitcoin is expected to break through $1,000,000 or even higher."