Arthur Hayes Names Crucial Level for Bitcoin to Hold


Former BitMEX CEO Arthur Hayes believes that Bitcoin is yet to bottom out despite the fact that the flagship cryptocurrency briefly plunged below the $33,000 level earlier today.

Hayes writes that Bitcoin is yet to retest the $28,500 level, which ended up being a local bottom in June.

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A failure to hold the aforementioned support would result in a swift drop in the range between $20,000 and $28,500.

He then predicts that things will get really ugly for Bitcoin and Ether if they break below $20,000 and $1,400, respectively. These were the peaks the two largest cryptocurrencies reached during the previous bull market cycle that lasted until January 2018:

If either of Bitcoin’s 2017 and Ether’s 2018 previous ATH ($20,000 and $1,400 respectively) are breached on a daily candle, then I don’t even want to think about it.

That said, he also does not rule out that the $30,000 level might hold.
  
Bitcoin reached an intraday high of $37,974 earlier today after recovering 15% from the Monday low.

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Earlier this month, Hayes predicted that altcoins could crash more than 90%.


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