Arthur Hayes previously predicted Bitcoin could fall to $70,000, while 10x Research analysts has called it a “textbook correction.”
Bitcoin prices have continued to retreat over the weekend and have fallen to just above $80,000 on March 10 in what one analyst has described as an “ugly start” to the week.
It looks like Bitcoin (BTC) will retest $78,000, said BitMEX co-founder and Maelstrom chief investment officer Arthur Hayes on X following the asset’s decline. “If it fails, $75,000 is next in the crosshairs,” he added.
He also observed that there were a lot of Bitcoin options open interest suck in the $70,000 to $75,000 range. “If we get into that range it will be violent,” he said.
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