This week’s 12% Bitcoin retreat was a “well-needed market cleansing,” said the former BitMEX boss.
Former BitMEX chief executive Arthur Hayes believes Bitcoin (BTC) has hit a local bottom and will slowly grind back up over the next few months.
In a blog post on May 3, Hayes commented on the recent market slump claiming that “The price action played out as I expected.”
Bitcoin hit a local low of around $58,600 earlier this week but will rally to above $60,000 and then remain rangebound between $60,000 and $70,000 until August, he said.
