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Bitcoin's Wild Ride: Hayes Predicts $70K Dip Before $250K High

Coin WorldMonday, Jan 27, 2025 10:22 am ET

1min read

Bitcoin Price Predictions: Arthur Hayes Sees Potential Dip to $70,000 Before Reaching $250,000

Arthur Hayes, the co-founder of BitMEX, has shared his insights on the potential trajectory of Bitcoin's price. According to Hayes, the cryptocurrency could experience a dip to around $70,000 before potentially reaching $250,000 amid market volatility. This prediction comes as Bitcoin's price has been fluctuating, with recent declines to $98,000 and analysts anticipating further declines into the $94,000-$96,000 range.

Market sentiment has turned predominantly bearish following Bitcoin's recent price decline, with traders adopting defensive positions. Many participants have opted to close or adjust their bullish spread strategies, advocating for a wait-and-see approach until a robust rebound confirmation near $98,000 materializes before committing to new long positions.

In the longer term, Bitcoin's price is expected to maintain a positive trend. Analysts predict that the cryptocurrency could reach a new all-time high, with potential highs ranging from $169,046 in 2025 to $610,646 in 2030. These predictions are based on various factors, including global adoption, increased institutional investment, and technological advancements.

MicroStrategy, a Virginia-based firm, has bolstered its Bitcoin holdings with the purchase of 10,107 BTC for $1.1 billion. This acquisition, made between January 21 and 26, represents the company's twelfth consecutive week of Bitcoin purchases. The firm now holds 471,107 Bitcoin, valued at approximately $46.7 billion at current market prices. The recent acquisition was financed through stock sales, with MicroStrategy selling 2,765,157 shares during the same period, raising $1.1 billion in net proceeds.

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