Even though the most popular cryptocurrency, Bitcoin, has been declining since April, a number of factors have contributed to this fall.

BTC dropped to $56,000 due to selling pressure, but according to Arthur Hayes, the former CEO of BitMEX, this drop was normal and needed.

Considering his earlier remarks that the price of Bitcoin was overpriced and that he anticipated a drop, Hayes commented, "The price movement was as I expected," in reference to the most recent decrease.

The well-known figure claimed that the fall in Bitcoin is a necessary purging of the market and that this is the time to accumulate Bitcoin, Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), price movement and depreciation of Bitcoin occurred as I had anticipated.

At this point, all factors such as the US tax season, the uncertainty about what the FED will do about interest rate cuts, the news of the news after Bitcoin's halving, and the successive outflows of spot ETFs in the US have come together and have seen a lot of volatility in the last two weeks. It provided a much needed market clean-up.

This decline is an opportunity as prices will slowly rise.

That's why we strong investors will continue to accumulate our favorite cryptocurrencies like Bitcoin and Ethereum and the most popular meme tokens like Solana, Dog Wif Hat and Dogecoin.”

Claiming that Bitcoin formed a local bottom around $58,600 earlier this week, Hayes stated that the price will gradually rise above $60,000.

Finally, Hayes predicted that Bitcoin would rise to between $60,000 and $70,000 by August