Former BitMEX CEO Arthur Hayes believes that Bitcoin is yet to bottom out despite the fact that the flagship cryptocurrency briefly plunged below the $33,000 level earlier today.
Hayes writes that Bitcoin is yet to retest the $28,500 level, which ended up being a local bottom in June.
A failure to hold the aforementioned support would result in a swift drop in the range between $20,000 and $28,500.
He then predicts that things will get really ugly for Bitcoin and Ether if they break below $20,000 and $1,400, respectively. These were the peaks the two largest cryptocurrencies reached during the previous bull market cycle that lasted until January 2018:
If either of Bitcoin's 2017 and Ether’s 2018 previous ATH ($20,000 and $1,400 respectively) are breached on a daily candle, then I don't even want to think about it.That said, he also does not rule out that the $30,000 level might hold.
Bitcoin reached an intraday high of $37,974 earlier today after recovering 15% from the Monday low.
Earlier this month, Hayes predicted that altcoins could crash more than 90%.