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Bitcoin's $70K Correction Predicted: Mini Financial Crisis Looms

Coin WorldWednesday, Jan 29, 2025 6:05 am ET

1min read

Bitcoin, the world's leading cryptocurrency, is poised for a significant correction, according to Arthur Hayes, co-founder of BitMEX. Hayes predicts that Bitcoin could retreat to the $70,000 to $75,000 range before surging to $250,000 by the end of 2025.

Hayes' prediction comes amidst a broader downturn in the crypto market. Following the release of DeepSeek R1 on Jan. 20, Bitcoin's price experienced a notable decline, falling below $100,000 and reaching approximately $97,800 during Asian trading hours. This has sparked speculation among analysts about the extent to which Bitcoin's price may continue to fall.

Michael van de Poppe, founder of MN Capital, downplayed concerns over the current market volatility. He described the drop as a "short-term shock" and cautioned against reacting hastily to short-term market fluctuations. Van de Poppe pointed out that Bitcoin has reached what he termed an "exciting entry zone," but acknowledged that if Bitcoin fails to maintain this support, a drop to the range lows is likely.

Bitcoin's last visit to the $75,000 level occurred on Nov. 8, 2020, just days after Donald Trump's U.S. presidential victory. As of the time of publication, Bitcoin is trading at $102,876.

Hayes' prediction suggests that a correction to the $70,000 to $75,000 range could trigger a "mini financial crisis" and result in a renewed wave of money printing. This development, according to Hayes, could ultimately propel Bitcoin's price to $250,000 by the end of 2025.

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