PANews reported on March 11 that BitMEX co-founder Arthur Hayes tweeted that Bitcoin (BTC) may bottom out around $70,000, which is equivalent to a 36% correction from its historical high of $110,000, which is a normal adjustment in the bull market.

He believes that the next step is to pay attention to the plunge of U.S. stocks (SPX, NDX) and the bankruptcy of traditional financial (TradFi) institutions, after which the Federal Reserve (Fed), the People's Bank of China (PBOC), the European Central Bank (ECB) and the Bank of Japan (BOJ) may adopt loose policies to stimulate the economy.

Hayes recommends that traders wait patiently. If they have a high risk appetite, they can try to buy at the bottom. If they are more cautious, they can wait for the central bank's policy to change before increasing their positions to avoid the psychological pressure caused by long-term sideways trading or potential floating losses.