Arthur Hayes, the co-founder and former CEO of BitMEX crypto exchange, shared his optimistic outlook on the future of Bitcoin’s price on May 3. Hayes predicted a stabilization around $60,000, followed by fluctuations within the $60,000 to $70,000 range until August 2024. He explained in a Medium blog post that the BTC price may have reached its lowest point and is set for a gradual recovery. He attributed the downward trend of the Bitcoin price to various factors, including the US tax season, uncertainty surrounding Federal Reserve actions, and the impact of the Bitcoin halving event. Hayes sees these indicators as a necessary adjustment for the market and justified his rally insights by referencing the Federal Reserve’s recent announcement.
Hayes predicted that as the Fed tapers quantitative tightening, billions of dollars of liquidity would be added, offsetting negative price movements. He believes that this liquidity injection would gradually push crypto prices higher, albeit at a slow pace. The Fed’s approach is described as a form of “stealth money printing,” wherein gradually reducing its balance sheet would ease dollar liquidity and stabilize market conditions. This insight follows the release of the Federal Reserve’s rate, which will remain unchanged between 5.25% and 5.50%. Dr. Jeff Ross, the founder and CEO of Vailshire Capital Management, commented on Arthur Hayes’ sentiments regarding his Bitcoin price prediction on X. He stated that analysts could be in for a surprise, suggesting that the widely held belief that the Bitcoin bull market has concluded may be incorrect and that the actual bullish run for the Bitcoin price may be yet to start.
Hayes further described the Federal Reserve’s recent announcement to decrease the rate of quantitative tightening as a key factor in boosting Bitcoin prices. This adjustment from the Fed would increase dollar liquidity and provide stimulus to the global asset markets each month. Hayes believes that this liquidity injection would help stabilize market conditions and gradually push crypto prices higher over time. The CEO of Vailshire Capital Management, Dr. Jeff Ross, also shared similar insights with Hayes, suggesting that the ongoing bull market for Bitcoin may not have concluded and that the actual bullish run for the Bitcoin price may be yet to start.
The overall sentiment from both Arthur Hayes and Dr. Jeff Ross is positive towards the future price of Bitcoin, with a prediction of gradual recovery and stabilization around $60,000. They both point to the Federal Reserve’s actions and the increase in dollar liquidity as key factors that will help boost Bitcoin prices over time. Despite the recent downward trend and uncertainties in the market, Hayes and Ross remain optimistic about the future of Bitcoin and believe that the bullish run may still be ahead, providing hope for investors and traders in the cryptocurrency market. Their insights offer a glimmer of positivity amidst the volatility and unpredictability of the crypto market, giving reassurance to those who are looking for stability and growth in their investments.
