The post Why Arthur Hayes Predicts BTC Could Drop to $70K Soon? appeared on BitcoinEthereumNews.com.

Bitcoin price recorded a drop of nearly 4% slipping under $101,000 level as the broader crypto market faced strong selling pressure ahead of the FOMC meeting. As BTC struggles to break past the $106K resistance, former BitMEX CEO Arthur Hayes expects it to first crash to $70,000 before resuming the upward trend. Today’s crypto market selloff has pushed the altcoins even lower as Ethereum (ETH), XRP, Solana (SOL), Cardano (ADA), Dogecoin (DOGE), etc. have corrected between 5-10%. With the euphoria around the Trump inauguration waning, all eyes will be on the FOMC meeting ahead this week wherein the US Federal Reserve will announce its interest rate decision. Will Bitcoin Price Crash to $70,000 As Arthur Hayes Believes? Arthur Hayes predicts a “mini financial crisis” where he expects the Bitcoin price to crash to $70,000 before resuming a mega bull run to $250,000 once again. He believes that just as this happens, the US Federal Reserve will switch back to money printing once again. In his recent post on X, Arthur Hayes wrote: “I am calling for a $70k to $75k correction in $BTC, a mini financial crisis, and a resumption of money printing that will send us to $250k by the end of the year”. As of press time, the Bitcoin price is trading 3.8% down testing its crucial support of $101,000, which it needs to defend to prevent any further correction ahead. Furthermore, the on-chain data shows that long-term holders have been selling their BTC holdings over the past week. Popular crypto analyst Ali Martinez noted that the total Bitcoin supply held by long-term holders has decreased by over 75,000 BTC over the past week. This shows strong profit-taking by long-term investors as the Bitcoin price struggles to hit fresh highs and break past $106K resistance. Source: Glassnode However,…

---

Filed under: News - @ January 27, 2025 7:20 am