Hayes projects a further breakdown in Bitcoin’s value, suggesting an imminent drop between $70,000 and $75,000. Bitcoin Price Crash To $70,000 A Possibility The crypto founder shared a 2-hour Bitcoin price chart from BitMEX, explaining how the pioneer cryptocurrency could experience this decline and citing macroeconomic factors tied to United States (US) President Donald Trump as a trigger for this price drawdown.
This means that the market may undergo a rapid sell-off by a large number of investors, triggering a panic that could lead to further declines in the Bitcoin price. Additionally, if Trump’s influence over the Republican Party weakens, Hayes indicates that market uncertainty could grow, potentially triggering a continuation of the current Bitcoin downturn.
The BitMEX Co-founder suggests that, for now, the market can only "chill out, retrace, and wait.” BTC’s 3-Day Decline Marks Highest Since FTX Crash According to MetaEra, the recent 3-day decline in the Bitcoin price is the highest crash seen since the FTX fiasco in 2022.
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