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Following
BTC 
ETH Arthur Hayes bought US$6.32 million worth of ETH
Recently, well-known cryptocurrency analyst and senior trader Doctor Profit revealed that he believes that Bitcoin's bear market bottom price will not be as severe as previously thought. Initially he predicted that the price of Bitcoin would fall to the $40,000 range, but now he doesn't think Bitcoin would fall below $54,000. As a result, he cleared all short Bitcoin positions and began to gradually accumulate Bitcoin.
Specifically, he plans to systematically buy when the Bitcoin price is in the range of US$54,000 to US$64,000. In addition, he also announced that he would use a fixed investment strategy to buy shares of Ethereum and Coinbase, and said these assets may see a sharp rise in the next few months. He also mentioned that Ethereum's holdings in his portfolio will exceed Bitcoin for the first time, which is consistent with the enthusiasm accumulated by many respected people in the industry for Ethereum.
These people include Tom Lee and Arthur Hayes. Among them, Tom Lee has been steadily accumulating Ethereum since last year; and as can be seen above, Arthur Hayes has made another multi-million dollar bet on Ethereum. Specifically, BitMEX co-founder Arthur Hayes purchased another 3298 Ethereum units worth approximately US$6.32 million. The deal is the latest in a series of large Ethereum purchases starting on July 15.
Analysts debate whether the bottom of Ethereum has appeared
Currently, Hayes has invested approximately US$13.82 million and holds 7,212.6 Ethereum units; while Tom Lee holds nearly 5% of the total Ethereum supply. Despite these bullish actions by analysts and traders when Ethereum prices were in the US$1800 to US$1900 range, some believe Ethereum prices will experience one last decline, hitting a lower target price before bullish momentum returns.
As shown above, this expert expects Ethereum prices to fall to the US$1720 to US$1820 range first before actually recovering. There are also views that before the rise, Ethereum prices may be as low as $800 to $1200. Eventually, Ethereum prices are expected to rebound back to the $2100 to $2200 range before they are likely to hit record highs.
