Why Didn’t Bitcoin Go Higher? Arthur Hayes Blames the AI Spending Frenzy
Hayes believes that AI's growing demand for capital has become a major headwind for bitcoin.
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Bitcoin is down 50% from its all-time high in the shallowest bear market to date—but analysts caution that the bottom isn't in yet.
Read full articleHayes believes that AI's growing demand for capital has become a major headwind for bitcoin.
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Bitcoin’s crash over the weekend has brought the $60,000 level back into the market conversation, but crypto analyst Merlijn The Trader believes the real opportunity may come at a lower price. Technical analysis comparing the current Bitcoin structure with the 2022 Wyckoff accumulation phase shows that buying the current bounce would be a costly mistake because the real accumulation window has not even opened yet. Bitcoin’s Wyckoff Setup Points Below $60,000 To understand where Merlijn The Trader believes Bitcoin is headed, it helps to understand where it has been. Merlijn’s analysis is built around the Wyckoff accumulation model, using Bitcoin’s 2022 bottoming structure as the reference point. Back in that cycle, Bitcoin formed a spring around $15,500, recovered into the $23,000 region, where eager buyers rushed in, believing the worst was over. However, it was not. The price action then delivered a secondary wave of selling that crushed late buyers before the genuine markup phase be