- Arthur Hayes recently tweeted that he believes BTC will soar to the moon soon.
- The BitMEX co-founder noted that BTC is not out of its bearish cycle yet.
- At press time, the leading crypto’s price was trading at $26,912.47 after gaining 4.42%.
In a tweet published earlier today, Arthur Hayes, a co-founder of BitMEX, predicted that the price of Bitcoin (BTC) will soar soon. According to the post, BTC is not in a bullish cycle just yet, but is close to the end of the current bear cycle.
This bullish outlook for BTC was accompanied by a 24-hour gain from the market leader. At press time, CoinMarketCap indicated that the leading crypto’s price stood at $26,912.47 after it climbed 4.42% in the last day. Despite this recent gain, BTC’s weekly performance remained in the red at -0.86%.
The crypto had also made its way onto CoinMarketCap’s trending list, and occupied the number one position. This ranked it above Binance Coin (BNB) at the number two position as well as the popular meme coin Pepe (PEPE) at number three.
BTC was able to recover over the past 48 hours after it had dropped below the key support level at $26,244 on Monday to reach a low of $25,391. Since then, the crypto’s price has reclaimed a position back above the crucial support level, where it continued to trade at press time.
Technical indicators were flagging bearishly, however, which suggested that BTC’s price would drop in the next 24-48 hours. At press time, the 9-day EMA line was positioned below the longer 20-day EMA line after the two lines crossed bearishly on 30 May 2023. This signaled that BTC had entered into a short-term bearish cycle.
In addition to this, the daily RSI line was on the verge of crossing bearishly below the daily RSI SMA line. Should this cross happen in the next 24 hours, BTC’s price will likely retest the aforementioned $26,244 support level in the days that follow.
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