Due to Trump's tariff policy and the overall economic impact, Bitcoin has entered a downward trend of slow growth and rapid decline since the end of February, with Bitcoin falling to a low of $76,606 on March 11. As of now, Bitcoin is currently trading at $83,369, up 1% in the past 24 hours.
This rebound has allowed the crypto market to catch a brief breath, but the market still faces a cruel question: "Has Bitcoin really bottomed out?"
Crypto Analyst: Bitcoin May Fall to $69,000
In this regard, crypto analyst Matthew Hyland, who has over 150,000 followers on X platform, tweeted today with a video saying that the only way to confirm that the Bitcoin bottom has formed is for the weekly closing price to regain the $89,000 level.
Bitcoin last reached $89,000 on March 7, and Hyland believes this price level is crucial, as on a weekly basis, this has been an important support zone for Bitcoin since mid-November. After falling below $89,000, Bitcoin hit a low of $76,606 on March 11, and then stabilized in the $80,000 low range.
But if Bitcoin fails to close above $89,000, Hyland warns that Bitcoin could further decline to the $69,000 to $74,000 range, which would almost erase the gains since Trump's election in November:
In the coming weeks or months, Bitcoin may test the support of this lower range ($69,000 to $74,000).
Arthur Hayes: Bitcoin May Bottom at $70,000
On the other hand, according to a previous report by BlockTempo, BitMEX co-founder Arthur Hayes also tweeted on the 11th expressing his view that Bitcoin may bottom around $70,000, which is close to the $69,000 to $74,000 testing range analyzed by Matthew Hyland.
In addition, Arthur Hayes also said that if Bitcoin falls to $70,000, the correction from the high of $110,000 would be 36%, which is a normal decline range in a bull market.
Arthur Hayes believes that next we need to wait for the free-fall collapse of the US stock market, followed by the bankruptcy of major traditional finance players, and then the Federal Reserve, the People's Bank of China, the European Central Bank and the Bank of Japan will start easing policies to rescue the market, at which point it will be time to "All in":
The Federal Reserve, the People's Bank of China, the European Central Bank and the Bank of Japan all adopt loose monetary policies to make their countries great again.
Then you can load up your positions, traders will try to buy the dips, but if you are averse to risk, you can wait until the major central banks start flooding the market with liquidity before increasing your positions, you may not precisely time the bottom, but you won't have to suffer through the long consolidation period and potential floating losses.
