As bitcoin fell below $80,000, Arthur Hayes and early bitcoin investor Davinci Jeremie said the drop was a buying opportunity, not a signal of a market top.

BeInCrypto, a blockchain media outlet, reported on May 13 that the two described the recent selling as a "forced shakeout" driven by macroeconomic pressure.

Hayes, former CEO of BitMEX, pointed to a sharp rise in U.S. 10-year Treasury yields as a key factor behind the correction. He said that if U.S. President Donald Trump fails to secure a trade deal with China, traditional financial markets could be shaken. "I'm buying dips here," he said.

Markets wobbled after U.S. inflation data was released. Hotter-than-expected consumer price index and producer price index readings pushed yields higher, and tariff tensions between Washington and Beijing came back into focus. A Reuters report said Trump and Chinese President Xi Jinping will consider cutting tariffs on $30 billion of imports.

Hayes has previously warned that bitcoin could rebound after sliding to $70,000. He also laid out a scenario in which bitcoin could recover to $250,000 over the longer term if the U.S. Federal Reserve shifts to quantitative easing. But he said macro factors and policy changes could take priority in the current phase.

Colin Basco (콜린 바스코), a quantitative strategist at Deribit Prime Trading, cited $80,000 as a near-term pivot for bitcoin. "If $80,000 flips from resistance to support, the bullish interpretation will be much stronger," he said. "Exchange-traded fund inflows need to keep absorbing supply, rather than appearing only during declines," he added.

Early bitcoin investor Davinci Jeremie (다빈치 제레미) also warned against market fear. He said he has seen five similar shakeout phases since 2011 and argued the latest drop is not a sign of a top. "This is not a bear market, it's a shakeout," Jeremie said. He also recalled buying bitcoin around $2, and said investors who sold in fear when $32 was seen as the cycle peak often later regretted exiting a few weeks later.

Jeremie became widely known after saying in a May 2013 YouTube video, "If you want to be rich, buy bitcoin for $1 and put it in your wallet." Bitcoin was priced around $116 at the time. Bitcoin has since risen more than 68,000 percent, lifting a $1 investment from then to a current value of about $682.

It is still uncertain whether market participants will agree with Hayes and Jeremie. In the near term, whether bitcoin regains $80,000 and ETF supply-demand dynamics will matter. More broadly, the direction of U.S.-China trade talks remains a factor that could determine bitcoin's path.

IMO spiking 10yr TSY yields will force Trump to bring home a deal with China otherwise the wheels are going to fall off TradFi markets. I'm buying dips here.