PANews reported on March 11 that BitMEX co-founder Arthur Hayes tweeted that Bitcoin (BTC) may bottom around $70,000, which is a 36% correction from the historical high of $110,000, a normal adjustment in a bull market.
He believes the next step is to watch for a crash in US stocks (SPX, NDX) and the bankruptcy of traditional finance (TradFi) institutions, after which the Federal Reserve (Fed), the People's Bank of China (PBOC), the European Central Bank (ECB) and the Bank of Japan (BOJ) may adopt loose policies to stimulate the economy.
Hayes advises traders to be patient, and if they have a higher risk appetite, they can try to buy the dips; if they are more conservative, they can wait for the central bank's policy shift before increasing their positions, avoiding the psychological pressure of long-term sideways movement or potential floating losses.
