Crypto Expert Arthur Hayes Says Bitcoin Has Found Its Local Bottom – But Can It Hold This Level?
04 Mai 2024 - 6:00PM
NEWSBTC
Arthur Hayes, the co-founder and former CEO of BitMEX, recently
shared his thoughts on the current Bitcoin price action. He stated
that the flagship crypto has hit a local low and predicted what its
future trajectory will look like. Related Reading: Is MATIC
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Outlook Hayes Says Bitcoin Has Bottomed In a recent blog
post, Hayes mentioned that Bitcoin hit a local low when it dropped
to around $58,600 earlier this week. As such, he doesn’t foresee
the flagship crypto dropping below that price range again anytime
soon. Instead, he predicts that Bitcoin will rally above $60,000
(which it already did) and “then range-bound price action between
$60,000 and $70,000 until August.” Hayes also suggested that
Bitcoin’s recent decline was due to several factors, including the
Fed rate decision, the Bitcoin halving sell-the-news event, and the
slowdown in the demand for US Spot Bitcoin ETFs. He also used the
opportunity to touch on the recent Fed and Treasury policy
announcements, which he believes will significantly impact crypto.
Hayes claimed those announcements meant the government would likely
resort to money printing soon enough. He believes the potential
injection of liquidity into the US economy will “dampen negative
price movement” in the crypto market. As such, he expects that
prices will “bottom, chop, and begin a slow grind higher.” Hayes’
projections are similar to crypto expert Michaël van de Poppe, who
recently predicted that Bitcoin will likely consolidate for a few
months. Interestingly, Van de Poppe also alluded to the Fed’s
recent policies, noting that a Quantitative Easing is close, which
would be bullish for Bitcoin. However, Hayes sounded
apprehensive of the long-term effects of the recent monetary
announcements, noting that they had an inflationary nature.
Therefore, although more money is expected to flow into the crypto
market with the Fed’s decision, it could cause inflation to
skyrocket. This would eventually lead to higher interest rates,
negatively affecting risk assets like Bitcoin. Bitcoin is now
trading at $63.160. Chart: TradingView Arthur Hayes’ Trading
Strategy Going Forward The MEXC co-founder said he would buy Solana
and “doggie coins for momentum trading positions.” For long-term
“shitcoin positions,” he mentioned that he would increase his
allocations in Pendle while identifying other tokens that he
considers undervalued. Basically, he plans to use this month to
increase his exposure. Once he had done that, he remarked
that he would wait for the market to “appreciate the inflationary
nature of the recent US monetary policy announcements.” Related
Reading: Shiba Inu In Danger Zone: 15% Price Crash Incoming?
Meanwhile, as to what doggie coins Hayes might be accumulating,
Dogwifhat (WIF) is likely one of them, considering he once
mentioned that he would load up on WIF as Bitcoin bottoms
out. Featured image from Pexels, chart from TradingView
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