{"id":606542,"date":"2024-05-04T16:00:06","date_gmt":"2024-05-04T16:00:06","guid":{"rendered":"https:\/\/uniquehot.com\/?p=606542"},"modified":"2024-06-11T06:58:36","modified_gmt":"2024-06-11T06:58:36","slug":"crypto-expert-arthur-hayes-says-bitcoin-has-found-its-local-bottom-but-can-it-hold-this-level","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/crypto-expert-arthur-hayes-says-bitcoin-has-found-its-local-bottom-but-can-it-hold-this-level\/","title":{"rendered":"Crypto Expert Arthur Hayes Says Bitcoin Has Found Its Local Bottom – But Can It Hold This Level?"},"content":{"rendered":"

Arthur Hayes<\/span><\/a>, the co-founder and former CEO of BitMEX, recently shared his thoughts on the <\/span>current Bitcoin price action<\/span><\/a>. He stated that the flagship crypto has hit a local low and predicted what its future trajectory will look like.\u00a0<\/span><\/p>\n

Related Reading: Is MATIC Poised For Takeoff? Key Area Breaks Records, Fueling Bullish Outlook<\/a><\/div>\n

Hayes Says Bitcoin Has Bottomed\u00a0<\/b><\/h2>\n

In a recent blog post, Hayes <\/span>mentioned<\/span><\/a> that Bitcoin hit a local low when it dropped to <\/span>around $58,600<\/span><\/a> earlier this week. As such, he doesn\u2019t foresee the flagship crypto dropping below that price range again anytime soon. <\/span><\/p>\n

Instead, he predicts that Bitcoin will rally above $60,000 (which it already did) and \u201cthen range-bound price action between $60,000 and $70,000 until August.\u201d<\/span><\/p>\n

Hayes also suggested that Bitcoin\u2019s recent decline was due to several factors, including the Fed rate decision, the <\/span>Bitcoin halving<\/span><\/a> sell-the-news event, and the slowdown in the demand for US Spot Bitcoin ETFs. <\/span><\/p>\n

He also used the opportunity to touch on the recent Fed and Treasury policy announcements, which he believes will significantly impact crypto.<\/span><\/p>\n

Hayes claimed those announcements meant the government would likely resort to <\/span>money printing<\/span><\/a> soon enough. He believes the potential injection of liquidity into the US economy will \u201cdampen negative price movement\u201d in the crypto market. As such, he expects that prices will \u201cbottom, chop, and begin a slow grind higher.\u201d<\/span><\/p>\n

Hayes\u2019 projections are similar to crypto expert <\/span>Micha\u00ebl van de Poppe<\/span><\/a>, who <\/span>recently predicted<\/span><\/a> that Bitcoin will likely consolidate for a few months. <\/span>Interestingly, Van de Poppe also alluded to the Fed\u2019s recent policies, noting that a Quantitative Easing is close, which would be bullish for Bitcoin.\u00a0<\/span><\/p>\n

However, Hayes sounded apprehensive of the long-term effects of the recent monetary announcements, noting that they had an inflationary nature. <\/span><\/p>\n

Therefore, although more money is expected to flow into the crypto market with the Fed\u2019s decision, it could cause <\/span>inflation <\/span><\/a>to skyrocket. This would eventually lead to higher interest rates, negatively affecting risk assets like Bitcoin.\u00a0<\/span><\/p>\n

<\/p>\n

Bitcoin is now trading at $63.160. Chart: TradingView<\/a><\/pre>\n
Arthur Hayes\u2019 Trading Strategy Going Forward<\/b><\/h2>\n
The MEXC co-founder said he would buy <\/span>Solana<\/span><\/a> and \u201cdoggie coins for momentum trading positions.\u201d For long-term \u201cshitcoin positions,\u201d he mentioned that he would increase his allocations in <\/span>Pendle<\/span><\/a> while identifying other tokens that he considers undervalued. Basically, he plans to use this month to increase his exposure.\u00a0<\/span><\/p>\n
Once he had done that, he remarked that he would wait for the market to \u201cappreciate the inflationary nature of the recent <\/span>US monetary policy<\/span><\/a> announcements.\u201d<\/span><\/p>\n
Related Reading: Shiba Inu In Danger Zone: 15% Price Crash Incoming?<\/a><\/div>\n
Meanwhile, as to what doggie coins Hayes might be accumulating, Dogwifhat (WIF) is likely one of them, considering he once <\/span>mentioned<\/span><\/a> that he would load up on WIF as Bitcoin bottoms out.\u00a0<\/span><\/p>\n
Featured image from Pexels, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
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.\u00a0 Related Reading: Is MATIC Poised For Takeoff? Key Area Breaks Records, Fueling Bullish Outlook Hayes Says Bitcoin Has Bottomed\u00a0 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\u2019t 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 \u201cthen range-bound price action between $60,000 and $70,000 until August.\u201d Hayes also suggested that Bitcoin\u2019s 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 \u201cdampen negative price movement\u201d in the crypto market. As such, he expects that prices will \u201cbottom, chop, and begin a slow grind higher.\u201d Hayes\u2019 projections are similar to crypto expert Micha\u00ebl van de Poppe, who recently predicted that Bitcoin will likely consolidate for a few months. Interestingly, Van de Poppe also alluded to the Fed\u2019s recent policies, noting that a Quantitative Easing is close, which would be bullish for Bitcoin.\u00a0 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\u2019s decision, it could cause inflation to skyrocket. This would eventually lead to higher interest rates, negatively affecting risk assets like Bitcoin.\u00a0 Bitcoin is now trading at $63.160. Chart: TradingView Arthur Hayes\u2019 Trading Strategy Going Forward The MEXC co-founder said he would buy Solana and \u201cdoggie coins for momentum trading positions.\u201d For long-term \u201cshitcoin positions,\u201d 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.\u00a0 Once he had done that, he remarked that he would wait for the market to \u201cappreciate the inflationary nature of the recent US monetary policy announcements.\u201d 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.\u00a0 Featured image from Pexels, chart from TradingView<\/p>\n","protected":false},"author":594,"featured_media":606555,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[230,428,6664,3505],"class_list":["post-606542","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-arthur-hayes","tag-bitcoin","tag-crypto","tag-price-analysis"],"acf":[],"yoast_head":"\nCrypto Expert Arthur Hayes Says Bitcoin Has Found Its Local Bottom - But Can It Hold This Level?<\/title>\n<meta name=\"description\" content=\"Arthur Hayes, the co-founder and former CEO of BitMEX, recently shared his thoughts on the current Bitcoin price action. 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