BitMEX CEO Says Bull Market is Real but Bitcoin Will Dip Below $7k First

The CEO and Co-Founder of BitMEX Arthur Hayes say the bull market for Bitcoin is real, despite the current stagnation under $8,000. He said Bitcoin may have to dip below $7,000 before a bounce back to $8,000 will be experienced and then Bitcoin will go higher from there.

Tom Lee agrees

Fundstrat’s head of research Tom Lee has confirmed several times that the Bull market was on. He is still of the opinion that the crypto winter is over and that a bull run is close. He said the Arthur Hayes knows what he is saying because

“Exchanges have insights into the positioning and behavior of crypto investors, and large trading share + popularity with leveraged traders means REALLY knows…. He further added that he is sure the crypto winter is over because Hayes affirms it.

Lee is among the top Bitcoin bulls in the industry with his bullish sentiments based on data research rather than just speculation. As head of Research at Fundstrat, he has used many indicators such as the Bitcoin Misery Index (BMI) to prove that the Bitcoin is soon to experience a bull run.

Also read: JP Morgan Confirms Bitcoin Price Surge Mimics 2017 Bull Run

When will this be?

According to the BitMEX CEO, Bitcoin will have to dip below $7,000 “for a few days.” Bitcoin is currently trading at $7,896. This means it might take some time before the asset goes below $7k, though the market can move faster than anticipated at times. If the market does dip below $7k, it may be the opportunity some have been waiting for to buy and become a part of the bull run. From there, Hayes sees Bitcoin bouncing right back above $8k and the rest is unpredictable.

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