Bitcoin May Hit $70,000 Bottom, Says Ex-BitMEX CEO

Arthur Hayes, the former CEO of BitMEX, has made a notable prediction regarding the price of Bitcoin. He anticipates that the cryptocurrency will reach a bottom at around $70,000, which represents a 36% correction from its all-time high of $110,000. Hayes suggests that such a correction is a typical occurrence within a bull market and that a significant rally could follow once traditional markets experience a downturn. This prediction resonates with the broader sentiment among analysts who believe that Bitcoin's price movements are influenced by macroeconomic factors and market cycles.

Hayes' prediction comes at a time when the crypto community is filled with speculation about the future of Bitcoin. The recent market volatility has led to significant price swings, with Bitcoin dropping to as low as $78,900 before recovering slightly. This volatility has been attributed to various factors, including regulatory developments and macroeconomic trends. Hayes' prediction of a $70,000 bottom suggests that the current correction is part of a broader market cycle and that investors should remain optimistic about the long-term prospects of Bitcoin.

Hayes' prediction is not the only notable development in the crypto market. A Bitcoin whale, whose identity remains unknown, has reportedly made significant profits by shorting Bitcoin during the recent market volatility. The whale executed a short position at $96,500 on February 22, just before the price plummeted below $80,000. The whale then re-entered a short position at the peak of $94,424, earning a collective profit of $7.5 million. This trader has been dubbed a "Trump insider" by the crypto community due to the timing of their trades, which coincided with Donald Trump's Executive Order and the subsequent market crash.

The whale's strategy involved setting additional short positions between $92,449 and $92,636, with limit orders to take profit between $70,475 and $74,192. If the price of Bitcoin surges to $92,000, the trader could earn another $70,000 to $75,000 in profits. This highlights the potential for significant gains in the crypto market, even during periods of high volatility.

The recent market crash has also led to concerns about a further downtr