Bitcoin to Hit $70K? Arthur Hayes Hints Potential Market Crash

Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, is expected to continue its price decline in the coming days. Its daily chart has displayed bearish price action. As of today, January 27, 2025, the overall cryptocurrency market, including BTC and other major assets, has been experiencing a significant price drop.

Why Bitcoin (BTC) Price is Falling?

However, the potential reason for this market downtrend is the launch of Chinese Deepseek AI and the major breakdown of the consolidation zone that BTC had been maintaining for the past 10 days.

As a result of these developments, BTC is currently trading near $99,500, having experienced a 6% price decline in the past 24 hours. Despite this drop, traders and investors have shown strong interest and confidence, leading to a 310% surge in its trading volume during the same period.

In addition to the strong participation of traders and investors, BTC has also drawn the attention of crypto experts.

Expert Hints BTC Could Hit $70,000

Recently, Arthur Hayes, a prominent crypto expert and former CEO of BitMEX, made a bold prediction on X (formerly Twitter). He predicted that Bitcoin (BTC) would drop to $70,000–$75,000, triggering a mini financial crisis. However, he added that money printing would subsequently begin, driving $BTC to $250,000 by the end of the year.

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Bitcoin (BTC) Technical Analysis and Upcoming Levels

In addition to this prediction, BTC’s price action signals a bearish trend. Analyzing the daily chart reveals that BTC has broken out of its prolonged consolidation range, which had been holding between the $99,700 and $107,000 levels.

Following this breakdown, market sentiment has shifted decisively to the bearish side. Based on recent price action, if BTC closes a daily candle below the $99,000 level, there is a strong likelihood that it could decline another 9% to reach the $90,000 mark in the near future.

When combining the market sentiment with the bearish price action, it appears that the bulls’ strength is exhausted, and the bears are currently dominating the asset. This shift could benefit short sellers in the short term.