Arthur Hayes, former CEO of crypto exchange BitMEX, said in his latest essay early Friday that bitcoin has likely bottomed at this week’s lows of $56,000, but warned investors to expect a gradual climb instead of a swift recovery to the March highs as markets will cool for the next few months. “Did bitcoin hit a local low […] earlier this week,” asked Hayes. “Yes,” he concluded. “I expect prices to bottom, chop, and begin a slow grind higher.”
![Bitcoin Hits K as Cryptos Bounce; Correction Likely Over But Expect a ‘Slow Grind Higher,’ Arthur Hayes Says Bitcoin Hits K as Cryptos Bounce; Correction Likely Over But Expect a ‘Slow Grind Higher,’ Arthur Hayes Says](https://www.coindesk.com/resizer/mZgwOyxN0ML-lBysJyiVHZWcGyU=/1200x628/center/middle/cloudfront-us-east-1.images.arcpublishing.com/coindesk/WNDERHFCTFHWTGKHSS55UEGV3Q.jpg)