Former Bitmex CEO Arthur Hayes has made a prediction about the future of bitcoin, stating that he believes the cryptocurrency will trade within a range of $60,000 to $70,000 until August. In an opinion piece titled “Mayday,” Hayes shared his analysis and price forecast.
Hayes explained that the gradual injection of billions of dollars of liquidity each month will limit downward pressure on bitcoin’s price. He anticipates that prices will reach a bottom, experience choppy movements, and then gradually rise.
Referring to the recent dip in bitcoin’s price to around $58,600, Hayes shared his prediction for the cryptocurrency. He expects a rally above $60,000, followed by a period of range-bound trading between $60,000 and $70,000 until August.
Hayes noted that the recent market movements align with his expectations. Factors such as the U.S. tax season, uncertainties surrounding the actions of the Federal Reserve, the Bitcoin halving event, and a slowdown in the growth of U.S. bitcoin ETF assets under management contributed to the recent market correction.
Additionally, Hayes mentioned that China’s currency, the CNY, will likely be devalued against gold and bitcoin, rather than against the USD.
Before the Bitcoin halving event, Hayes had predicted a decline in the price of BTC. He believed that the halving, coupled with tight dollar liquidity, would lead to a significant sell-off of crypto assets. Due to these factors, he abstained from trading until May.
Furthermore, Hayes expressed his long-term belief that bitcoin could surge to $1 million, particularly in the face of banking bailouts and increased money printing.
What are your thoughts on Arthur Hayes’ prediction? Share your opinions in the comments section below.
