Key Takeaways
- Arthur Hayes says Bitcoin found a bottom at $77,000 and is primed for another rally.
- Hayes predicts more pain for the stock market before the Federal Reserve steps in.
- CryptoQuant’s CEO sees a different outcome, warning the bull run may already be over.
After a brutal February that wiped out over 25% of Bitcoin’s market cap, signs are emerging that BTC may have hit its cycle low.
Arthur Hayes, the influential market analyst who correctly predicted a drop below $80,000, now believes Bitcoin’s bottom is in—at $77,000.
According to Hayes, the next move is upward. But not everyone agrees.
Bitcoin to Rally, but Stocks May Bleed First
In a recent post on X, Hayes argued that Bitcoin has already touched its price floor and is poised to rally again. Meanwhile, he warned that Wall Street’s troubles were far from over.
The ongoing selloff in traditional markets, he suggested, could push Federal Reserve Chair Jerome Powell to align with Donald Trump’s repeated calls for interest rate cuts.
Such a shift in monetary policy could inject new liquidity into the economy, reigniting capital flows into crypto and driving Bitcoin higher.
At the time of writing, Bitcoin was trading above $85,000 after briefly dipping to $76,678 earlier this month. February was one of its worst-performing months in recent history, and March has largely seen sideways movement.
Analysts Split on Whether Bitcoin’s Bull Run Is Over
While Hayes sees a second leg of Bitcoin’s bull run ahead, CryptoQuant CEO Ki Young Ju isn’t convinced.
On March 18, Young posted on X that his outlook had flipped from bullish to cautious in a matter of days. He cited on-chain data suggesting that Bitcoin’s upward momentum is fading, warning that the market may have already topped out.
His outlook? Bitcoin could spend the next 6-12 months moving sideways or even trending downward.
Institutional demand also appears to be cooling.
Bitcoin ETFs, which once sparked fears of a supply crunch, have seen billions in outflows over the past month.
The market sentiment is in stark contrast to six months ago when traders worried there wouldn’t be enough BTC available on OTC desks.
The Halving Factor: One More Bullish Wave?
Despite the current uncertainty, historical patterns suggest Bitcoin’s bull cycle isn’t over just yet.
Previous market cycles show that Bitcoin tends to rally for about 18 months following a halving event. If that trend holds, the bull market could extend into the third quarter of 2025.
For now, Bitcoin remains just one breakout away from reclaiming its highs—whether that happens soon or much later is a battle still playing out.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
Beyond his professional pursuits, Prashant is an avid music enthusiast, often exploring diverse genres to unwind. A sports lover, he has a particular passion for cricket and frequently engages in discussions about the game. His multifaceted interests and sharp journalistic instincts make him a valuable contributor to CCN, where he continues shaping the crypto landscape's narrative.
