Arthur Hayes, co-founder of BitMEX, wrote, "Here's the plan: be patient, don't rush. Bitcoin is likely to bottom around $70,000, and a 36% drop from an all-time high of $110,000 is a normal bull market correction. Then we need to see the stock market, especially the SPX (S & P 500) and NDX (Nasdaq 100) fall sharply. Then, the "little white" of the traditional financial marekt will be in trouble. Then the Federal Reserve, the People's Bank of China, the European Central Bank, and the Bank of Japan will ease policy in an attempt to revive their economies. At this point, you can go all out. Traders will try to buy on the downside, and if you're more risk-averse, wait until the central bank starts easing before putting more money into it. You may not be able to bottom fish accurately, but you won't suffer from prolonged sideways and potential unrealised losses. "