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BitMEX co-founder and crypto essayist Arthur Hayes said he is cautiously optimistic that Bitcoin may have finally found its local bottom, pointing to signs that the cryptocurrency is beginning to trade independently of traditional tech equities.
Hayes said the decoupling is an encouraging development, but he emphasized that Bitcoin is not out of the woods yet. In his post, he highlighted ongoing macro risks and structural headwinds, including the impact of AI on knowledge workers and the possibility of a looming financial crisis.
He also referenced his earlier guidance during a prior relief rally, when he urged investors not to celebrate too quickly. Hayes warned that Bitcoin could experience a “dead cat bounce,” arguing at the time that it was still moving in line with U.S. SaaS (Software as a Service) tech companies.
Hayes’ latest assessment follows a volatile period for Bitcoin. After reaching a peak near $76,000 in mid-March, the asset was rejected and then declined over the following weeks to establish a local bottom around the $65,000 support zone.
Since the start of April, bulls have been steadily regaining ground. Hayes said Bitcoin has recently reclaimed the $76,000 level and is currently trading at $74,986 on the Bitstamp exchange.
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