Hassan Maishera
TL;DR
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Bitcoin is trading above $64k after adding more than 1% to its value over the weekly.
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Arthur Hayes believes that the market correction is likely over.
BTC Targets $65k as Market Slowly Recovers
The cryptocurrency market is recovering from the losses it recorded earlier this month. April was Bitcoin’s last negative month since August 2023 after BTC lost nearly 15% of its value last month.
After dropping to nearly $55k last week, Bitcoin is slowly recovering and trading above $64k per coin. At press time, BTC is trading at $64,132, up by more than 1% in the last 24 hours.
If BTC maintains its current bullish stance, it could surge past the $65k psychological level in the coming hours or days. Market analysts believe that the market correction is likely over and BTC could rally higher from here.
Arthur Hayes, former CEO of crypto exchange BitMEX, pointed out in his latest essay, that while Bitcoin may have bottomed at $56k, investors should not expect a rapid upward movement for the world’s leading cryptocurrency. He added that the market might likely cool for a few months. Hayes added that,
“Did bitcoin hit a local low [...] earlier this week? Yes. I expect prices to bottom, chop, and begin a slow grind higher. I expect a rally to above $60,000 and then range-bound price action between $60,000 and $70,000 until August."
Altcoins are also performing well, with TON leading the charge amongst the top 10 cryptocurrencies by market cap. TON is up by 5% in the last 24 hours and is now trading at $5.91 per coin.
NEAR is now the 17th-largest cryptocurrency by market cap after adding 6% to its value. Thanks to the ongoing positive performance, the total crypto market cap now stands at $2.37 trillion, up by more than 1% over the weekend.
