Arthur Hayes predicts a significant drop in Bitcoin prices both before and after the halving event.
BitMEX Founder Arthur Hayes has expressed his thoughts on the price of Bitcoin as it approaches its halving event. In a recent post, Hayes raised doubts about whether Bitcoin would be able to maintain its all-time high. He predicts that BTC prices will experience a decline before and after the halving, citing limited dollar liquidity during this period as a contributing factor to increased selling pressure from crypto asset holders.
Hayes also anticipates that the quantitative tightening (QT) cycle will ease after May 1, returning to a standard rhythm in line with U.S. inflation trends. Consequently, he has decided to refrain from trading until May, when the Federal Reserve is expected to discuss the potential reduction of its QT program.
On April 8, Bitcoin surged above $72,000, marking its highest price since mid-March. The leading cryptocurrency’s growth is being driven by the upcoming Bitcoin halving, which will reduce the block reward from 6.25 BTC to 3.125 BTC.
While Hayes holds a bearish view, many experts expect Bitcoin’s value to increase. Skybridge Capital CEO Anthony Scaramucci believes that the BTC rate will reach $170,000 during this bullish cycle, and in the future, Bitcoin’s market capitalization will be half that of gold.
In other news, CoinGecko reports that Bitcoin has historically risen by an average of 3,230% after each halving event. For more updates, follow us on Google News.
