Bitcoin price analysis: BTC/USD catapults above $7,600, but BitMEX's CEO thinks the worst is not over

  • BTC/USD breaks from the short-term range.
  • Arthur Hayes from BitMEX says the market hasn't bottomed out yet.

Bitcoin climbed above $7,600 during early Asian hours and touched $7,664 before settling down at $7,620 by the time of writing. The general trend is positive as the coin is well supported by $7,300. On a weekly basis, Bitcoin gained nearly 18% and lived through the best week since the end of February. On a daily basis BTC is up 2.5%.

While many experts believe that the digital currency number one has bottomed for now, BitMEX CEO Arthur Hayes is still sceptical. Speaking with CNBC, the head of the cryptocurrency exchange said that the worst is not over yet. He believes the price may recover to $8,000 and event $10,000, but the imminent correction will take us back to new lows. 

"I think the current rally will top out close to but not greater than $10,000. Then we will fall and test $5,000. If that holds then we can rally to $50,000 by year end," he said.

Bitcoin's technical picture

From the short-term perspective, BTC/USD broke free from the range limited by $7,300 on the downside and $7,580 on the upside. If the break-out proves to be sustainable, Bitcoin bulls will have a chance to extend the upside to $7,800 and, potentially, $8,000, provided that the fundamental background remains fairly positive. Local support is seen at $7,580, followed by $7,500.  Once it is cleared, the downside correction may be extended towards $7,400 (100 and 50-SMA, 1-hour chart). 

BTC/USD, 1-hour chart

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