Former BitMEX CEO Arthur Hayes believes that Bitcoin has not bottomed yet despite the fact that the leading cryptocurrency briefly dropped below $33,000 earlier today.
Hayes writes that Bitcoin has yet to retest $28,500, which became a local bottom in June.
Failure to hold the aforementioned support level would lead to a rapid decline in the $20,000 to $28,500 range.
He then predicts that things will get really bad for Bitcoin and Ether if they break below $20,000 and $1,400, respectively. These are the peaks reached by the two largest cryptocurrencies during the previous bull market cycle that lasted until January 2018:
If either Bitcoin’s 2017 and 2018 Ether’s previous ATH levels ($20,000 and $1,400 respectively) are broken above a daily candle, I don’t even want to think about it.
That said, he also doesn’t rule out that the $30,000 level could hold.
Bitcoin hit an intraday high of $37,974 earlier today after recovering 15% from Monday’s low.
Earlier this month, Hayes predicted that altcoins could crash more than 90%.
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