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Arthur Hayes previously predicted Bitcoin could fall to $70,000, while 10x Research analysts has called it a “textbook correction.”
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Bitcoin prices have continued to retreat over the weekend and have fallen to just above $80,000 on March 10 in what one analyst has described as an “ugly start” to the week.
It looks like Bitcoin (BTC) will retest $78,000, said BitMEX co-founder and Maelstrom chief investment officer Arthur Hayes on X following the asset’s decline. “If it fails, $75,000 is next in the crosshairs,” he added.
He also observed that there were a lot of Bitcoin options open interest suck in the $70,000 to $75,000 range. “If we get into that range it will be violent,” he said.
Open interest is the number or notional value of BTC options contracts that have yet to expire. According to Deribit data, there is $696 million in OI at the $70,000 strike price, $659 million at $75,000 and $680 million at $80,000 as derivatives speculators bet short on the asset.
Bitcoin has plunged more than 5% over the past 24 hours, hitting $80,124 before a minor recovery to trade at $81,395 at the time of writing.
Bitcoin price has declined over the last 24 hours. Source: TradingView
The asset has been extremely volatile over the past fortnight, bouncing between $80,000 and $95,000 on various trade tariff-related news reports and White House crypto announcements.
In late January, Hayes predicted that Bitcoin would return to $75,000 before reaching $250,000 this cycle. “At least my prediction could be wrong. I hope I’m wrong,” he said at the time.
A month later, he said a Bitcoin “goblin town” was coming, predicting that the asset could fall to $70,000 as large hedge funds unwind their ETF positions. The asset fell to its lowest level in 2025 on Feb. 28 when it dipped into the $78,000 zone, and it appears to be heading back there.
Market research firm 10x Research labeled it a “textbook correction” in a note on March 10.
“With Bitcoin dipping below $80,000, approximately 70% of all selling came from investors who bought within the last three months,” analysts noted before adding that this highlights “the dominance of recent entrants panic-selling into the decline.”
Related: Bitcoin slides another 3% — Is BTC price headed for $69K next?
Meanwhile, the Bitcoin Fear & Greed Index has fallen back into “extreme fear,” with a reading of 20 on March 10.
Bitcoin Fear and Greed Index is 20. Extreme Fear
Current price: $80,602 pic.twitter.com/f5W1p1kbNE— Bitcoin Fear and Greed Index (@BitcoinFear) March 10, 2025
The volatility may continue this week as two key inflation reports are due in the United States, which could influence Federal Reserve monetary policy if inflation continues to increase.
It comes as Canada has responded with retaliatory tariffs of its own as the Liberal Party elected a new president, former central banker Mark Carney. In his victory speech on March 9, Carney attacked Trump, who has imposed tariffs on Canada, stating, “Americans should make no mistake … In trade, as in hockey, Canada will win.”
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This article first appeared at Cointelegraph.com News
