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Bitcoin Hits $62K as Cryptos Bounce; Correction Likely Over But Expect a ‘Slow Grind Higher,’ Arthur Hayes Says

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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.”

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