Arthur Hayes: "Bitcoin in Short-term Correction Phase... Predicts All-time High by Year End"
Summary
- Bitcoin is experiencing a short-term correction, but Arthur Hayes reported that it could reach an all-time high by the end of the year.
- Considering the historical bull market, he analyzed that the current correction is a normal process.
- Hayes predicted that Bitcoin will rise to $250,000 by the end of this year.
Bitcoin (BTC) is experiencing a short-term correction, but there's a prediction that it will reach an all-time high by the end of the year.
According to DailyHodl on the 14th (local time), Arthur Hayes, Chief Investment Officer (CIO) of Maelstrom, analyzed that "considering the historical bull market, the current correction is not an unusual phenomenon" and described it as "a healthy correction process ahead of Bitcoin's upward trend."
He explained, "Bitcoin surged from $20,000 to $110,000. During this process, a correction of around 30% is a normal flow," adding that "excessive use of leverage may have had an impact." He further stated, "Eventually, Bitcoin will rise to $250,000 by the end of this year."
Meanwhile, as of 1:40 PM today, Bitcoin is trading at around $84,300 on the Binance Tether (USDT) market, up 2.95% compared to the previous day.
Doohyun Hwang
cow5361@bloomingbit.ioKEEP CALM AND HODL🍀
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