- Arthur Hayes just lately tweeted that he thinks BTC will quickly fly to the moon.
- The BitMEX co-founder famous that BTC has not but exited its bearish cycle.
- At press time, the value of the main crypto was buying and selling at $26,912.47 after gaining 4.42%.
In a tweet posted earlier immediately, Arthur Hayes, co-founder of BitMEX, predicted that the value of Bitcoin (BTC) will quickly skyrocket. Based on the put up, BTC isn’t but in a bullish cycle, however is close to the top of the present bearish cycle.
This bullish outlook for BTC was accompanied by a 24-hour acquire from the market chief. At press time, CoinMarketCap reported that the crypto main’s worth stood at $26,912.47 after climbing 4.42% within the final day. Regardless of this current acquire, BTC’s weekly efficiency remained within the crimson at -0.86%.
The crypto had additionally made its approach onto CoinMarketCap’s trending listing and took the highest spot. This ranked it above Binance Coin (BNB) in second place in addition to standard meme coin Pepe (PEPE) in third place.
BTC was capable of get well over the previous 48 hours after falling beneath the important thing assist degree at $26,244 on Monday to hit a low of $25,391. Since then, the crypto worth has recovered a place above the essential assist degree, the place it continued to commerce at press time.
Nonetheless, the technical indicators have been trending decrease, which recommended that the value of BTC would drop within the subsequent 24-48 hours. At press time, the 9-day EMA line was positioned beneath the longer 20-day EMA line after the 2 strains crossed downward on Might 30, 2023. This indicated that BTC had entered a bearish cycle. quick time period.
On prime of that, the each day RSI line was about to cross decrease beneath the each day RSI SMA line. If this crossover happens within the subsequent 24 hours, BTC worth will doubtless retest the aforementioned assist degree of $26,244 within the days that comply with.
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