Arthur Hayes, famous for creating BitMEX, believes Bitcoin might tumble to $78,000. If Bitcoin breaks below this threshold, Hayes suggests the slide could extend to $75,000. He notes that prices in the $70,000-$75,000 range could spark significant market movement due to high speculative interest.
The overarching cryptocurrency market's total value dropped by 6.7%, settling at $2.7 trillion. With selling pressure the current downturn in risk-laden assets, Bitcoin might face even steeper declines.
Kicking off the week with heightened volatility, Bitcoin slipped to $80,000 on Sunday but then rallied past $82,000 by early Monday, as reported by CoinGecko.
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