Bitcoin mogul and former BitMEX CEO Arthur Hayes recently shared a blend of cautious hope and strategic maneuvers for Bitcoin in the wake of a weekly decline.
Hayes’ insights come as weekly red candles dominate multiple cryptocurrency charts, signaling the recent market downturn that he believes could be the bottom.
“While I don’t anticipate an immediate realization of the inflationary impact of recent U.S. monetary announcements on crypto, I do foresee prices stabilizing, consolidating, and embarking on a slow upward trajectory,” Hayes expressed in a recent blog entry. This viewpoint emerges at a time when investors and market observers are eagerly seeking signs of steadiness.
Bitcoin experienced a significant drop, dipping below $57,000 just prior to a crucial Federal Reserve meeting. However, following Fed Chair Jerome Powell’s announcement of unchanged interest rates – a widely expected decision – Bitcoin’s value began to steady. Subsequently, it has surged to $61,870, showcasing a 4.65% increase in the past 24 hours according to CoinMarketCap, spurred by news of U.S. jobs data.
Despite Hayes’ positivity about the market hitting its low point, he disclosed that he will not be adding to his Bitcoin (BTC) holdings, instead focusing on alternative opportunities.
“I won’t be tethered to Bitcoin when there are other enticing options,” he mentioned, hinting at his intention to divert his investments towards high-volatility assets like Solana (SOL) and “doggie coins.”
Apart from his market forecasts, Hayes highlighted various U.S. economic measures that could boost dollar liquidity, seen as positive signs for the crypto market. These encompass the recent bailout of Republic First Bank and the anticipated increase in federal borrowing, which Hayes believes will drive up long-term bond rates and potentially trigger yield curve control measures from Treasury Secretary Janet Yellen.
As these broader economic factors unfold, Hayes remains bullish on Bitcoin’s long-term potential, even envisioning a potential journey to $1 million.
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