Arthur Hayes, former chief executive of BitMEX, believes Bitcoin has bottomed out and will slowly bounce back in the coming months.
In a blog post on May 3, Hayes commented on the recent market slump, claiming that “The price action was as I expected.”
Bitcoin It hit a low of around $58,600 earlier this week. But it will rise above $60,000 and then remain in the $60,000 to $70,000 range until August. Hesay
Hayes added that Bitcoin’s 12% correction this week was due to tax season in the United States, the Federal Reserve’s decision, the so-called “sell the news” from Bitcoin’s halving, and the slowdown in Bitcoin ETF assets.
Hayes expects the crypto market to slowly rise higher. After the recent sell-off, driven by increased dollar liquidity from the Federal Reserve’s QT. and the US Treasury Department’s debt issuance plan
By shrinking the QT, central banks are about to inject more liquidity into the market. This could theoretically flow into higher-risk assets such as cryptocurrencies. This will create pressure to buy.
“The slow build-up of billions of dollars of liquidity each month will be able to support negative price movements going forward,” he added, before predicting that prices would begin to slowly rise.”
refer : cointelegraph.com
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