Arthur Hayes predicts gradual uptrend, foresees market reaching bottom
Bitcoin billionaire and former CEO of BitMEX, Arthur Hayes, has shared his thoughts on the current state of Bitcoin and outlined his strategic moves in response to the recent decline in its price. Hayes believes that the recent market downturn could be the bottom and expects prices to stabilize and gradually increase in the future.
In a recent blog post, Hayes stated, “While I don’t expect crypto to immediately reflect the inflationary nature of recent U.S. monetary announcements, I do anticipate prices to reach their lowest point, fluctuate, and then slowly rise.” This perspective comes at a time when investors and market observers are eagerly searching for signs of stability.
Bitcoin experienced a significant drop, falling below $57,000 just before an important Federal Reserve meeting. However, after Federal Reserve Chair Jerome Powell announced that interest rates would remain unchanged, which was widely expected, Bitcoin’s price started to stabilize. It has since risen to $61,870, marking a 4.65% increase in the past 24 hours according to CoinMarketCap, following the release of positive U.S. jobs data.
Despite his optimism about the market finding its bottom, Hayes revealed that he would not be increasing his Bitcoin holdings. Instead, he plans to focus on other investment opportunities. “I will not be closely monitoring Bitcoin when I could be exploring other options,” he wrote, expressing his intention to invest in high-volatility assets such as Solana and “doggie coins.”
Alongside his market predictions, Hayes highlighted several U.S. economic measures that could increase the liquidity of the dollar, which he sees as positive indicators for the crypto market. These include the recent bailout of Republic First Bank and the upcoming increase in federal borrowing, which Hayes believes will lead to higher long-term bond rates and may prompt Treasury Secretary Janet Yellen to implement yield curve control measures.
As these macroeconomic factors unfold, Hayes remains bullish about Bitcoin’s long-term prospects, even suggesting that it could potentially reach $1 million in the future.
Read more: Bitcoin has outperformed Amazon and Netflix over the last decade.
