Arthur HayesThe co-founder and former CEO of BitMEX recently said: Current Bitcoin price trend. He said the flagship cryptocurrency has hit a local low and predicted what its future trajectory will be.
Hayes says Bitcoin has bottomed out
In a recent blog post, Hayes said mentioned That Bitcoin hit a local low when it fell below Approximately $58,600 Early this week. As such, he does not expect the leading cryptocurrency to fall below that price range again anytime soon.
Instead, he said, Bitcoin will rise above $60,000 (which it has already done) and “then remain range-bound between $60,000 and $70,000 until August.” ” I predict.
Hayes also suggested that Bitcoin's recent decline is due to several factors, including the Fed's interest rate decisions. Bitcoin halving News Selling Event, and Slowdown in US Spot Bitcoin ETF Demand.
He also used this opportunity to address recent policy announcements from the Federal Reserve and Treasury that he believes will have a significant impact on cryptocurrencies.
Mr Hayes argued that these announcements meant the government was likely to resort to: banknote printing immediately. He believes the potential injection of liquidity into the U.S. economy will “reduce negative price volatility” in the crypto market. As a result, he expects prices to “bottom out, get devalued, and slowly start rising.”
Hayes' predictions are similar to those of crypto experts michael van de poppewho recently predicted Bitcoin will probably remain stable for several months. Interestingly, Van de Poppe also mentioned the Fed's recent policies, noting that quantitative easing is on the horizon, which will be bullish for Bitcoin.
However, Hayes noted the inflationary nature of recent monetary policy announcements and expressed concern about their long-term impact.
Therefore, we expect more funds to flow into the cryptocurrency market due to the Fed's decision, but it could cause problems such as: inflation rise rapidly. This will ultimately lead to higher interest rates, which will have a negative impact on risk assets such as Bitcoin.
Bitcoin is now trading at $63.160. Chart: TradingView
Arthur Hayes' Future Trading Strategy
MEXC co-founder said to buy Solana and “Doggycoin for Momentum Trading Positions”. For long-term “shitcoin positions,” he said he intends to increase allocations. pendle while identifying other tokens he considers undervalued. Basically, I'm planning to use this month to increase my exposure.
Once that is done, we will wait until the market “recognizes the nature of the recent inflation,” he said. US monetary policy announcement. ”
On the other hand, as for what kind of dog coins Hayes has accumulated, Dogwifat (WIF) is probably one of them, considering he used to have one. mentioned He says he plans to load it into WIF when Bitcoin hits the bottom.
Featured images from Pexels, charts from TradingView
