Arthur HayesRecently, he shared some of his views on BitMEX. current Bitcoin price action. He said that flagship cryptocurrency has reached a low in the locality and forecast what its trajectory would look like.
Hayes says Bitcoin has bottomed out
Hayes recently posted a blog. mentioned Bitcoin reached a new local low of around $58,600 Earlier this week. To that end, he does not expect to see the crypto’s price drop below those levels anytime soon.
In fact, instead of predicting that Bitcoin would rise to $60,000 or more (which is what it did), he predicted that Bitcoin prices will continue to climb. “then range-bound price action between $60,000 and $70,000 until August.”
Hayes suggested also that Bitcoin’s recent drop was caused by several factors including the Fed rate announcement, Bitcoin halving Sell-the-news-event and the decrease in demand for US Spot Bitcoin Exchange Traded Funds.
He used this opportunity to discuss the recent announcements by the Treasury and the Fed, both of which will have a significant impact on crypto.
Hayes said that these announcements would mean the government will likely resort to money printing Soon enough. He is confident that the US will benefit from the possible injection of liquid funds. “dampen negative price movement” Crypto market. He expects prices to rise. “bottom, chop, and begin a slow grind higher.”
Hayes’ projections are the same as those of crypto expert Michaël van de Poppe. recently predicted Bitcoin’s price will probably consolidate in the coming months. Van de Poppe made a reference to recent Fed policies as well, stating that Quantitative Easing was close. This would have been bullish for Bitcoin.
Hayes did sound apprehensive about the impact of the recent announcements on inflation, stating that the monetary policy was an inflationary one.
Although the Fed’s decision is likely to increase the amount of money flowing into the crypto markets, this could also lead to increased volatility. inflation The price of Bitcoin will skyrocket. It would lead to higher rates of interest, which could negatively affect risky assets such as Bitcoin.
Bitcoin now trades at $63.160. Chart: TradingView
Arthur Hayes’ Trading Strategy Going Forward
The co-founder of MEXC said that he will buy Solana You can also find out more about the following: “doggie coins for momentum trading positions.” For long-term “shitcoin positions,” He announced that he will increase his funding in Pendle While he identifies other tokens he believes are undervalued. He plans to increase exposure by using this month.
After he did that, he said that he wanted to wait for the markets “to appreciate the inflationary aspect of the recent US monetary policy announcements.”
Dogwifhat, or WIF, is most likely the coin that Hayes will be collecting, given his past. mentioned He would buy WIF at the bottom of Bitcoin.
Chart from TradingView, Featured Image from Pexels
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