Arthur Hayes, the founder of BitMEX, recently shared his insights on the price of Bitcoin as the cryptocurrency approaches its halving event. In a recent statement, Hayes raised doubts about whether Bitcoin would be able to maintain its all-time high leading up to the halving. He anticipates a decline in BTC prices before and after the event due to limited dollar liquidity, which will result in increased selling pressure from crypto asset holders.
Hayes also forecasts that following May 1st, the quantitative tightening cycle will ease, aligning with standard U.S. inflation trends. Consequently, he has chosen to refrain from trading until May, when the Federal Reserve is expected to deliberate on potentially reducing its quantitative tightening program.
On April 8th, Bitcoin surged above $72,000 for the first time since mid-March, driven by the anticipation of the upcoming Bitcoin halving. After the halving, the block reward will be reduced to 3.125 BTC from 6.25 BTC.
In contrast to Hayes’ predictions, many experts anticipate an increase in Bitcoin’s value. Anthony Scaramucci, the CEO of Skybridge Capital, believes that during this bullish cycle, the price of BTC could reach $170,000, with Bitcoin’s market capitalization eventually surpassing half of gold’s.
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