Bitcoin billionaire and former BitMEX CEO Arthur Hayes shared a mix of cautious optimism and strategic moves for Bitcoin following the weekly decline.
Hayes' insights are evident as weekly red candles appear on multiple cryptocurrency charts. These candles reflect the market decline earlier this week, which is thought to be a bottom.
“While I do not expect cryptocurrencies to fully realize the inflationary nature of recent US monetary announcements right away, I do expect prices to bottom out, break off, and begin a slow rise,” Hayes said in a recent report. Blog post. This perspective comes at a time when investors and market spectators are desperately searching for a sign of stability.
Bitcoin recently took a big hit, falling below $57,000 ahead of a crucial Federal Reserve meeting. However, after Federal Reserve Chairman Jerome Powell announced that interest rates would remain unchanged – a widely expected decision – the price of Bitcoin began to stabilize. It has since risen to $61,870, registering a 4.65% increase over the past 24 hours via CoinMarketCapAfter news of US jobs data.
Although optimistic about the market bottoming out, Hayes revealed that he will not be adding to his Bitcoin (BTC) holdings but will instead focus on other opportunities.
“I certainly won't patronize Bitcoin when I can take two steps,” he wrote, expressing his intention to shift his investments into highly volatile assets like Solana (SOL) and “mini-coins.”
In addition to his market forecasts, Hayes pointed to several US economic measures that could increase dollar liquidity, which he considers positive indicators for the cryptocurrency market.
These include the recent bailout of Republic First Bank and the upcoming increased federal borrowing, which Hayes believes will push up longer-term bond rates and possibly prompt yield curve control measures from Treasury Secretary Janet Yellen.
With these macroeconomic factors in play, Hayes is optimistic about Bitcoin's long-term prospects, even predicting a potential rise to $1 million.