Arthur Hayes foresees market bottom, predicts gradual uptrend

Bitcoin
billionaire
and
former
BitMEX
CEO
Arthur
Hayes
shared
a
mix
of
cautious
optimism
and
strategic
moves
for
Bitcoin
following
a
weekly
decline.

Hayes’s
insights
emerge
as
weekly
red
candles
appear
on
multiple

cryptocurrency
charts.
These
candles
reflect
the
market’s
downturn
earlier
this
week,
which
he
believes
could
be
the
bottom.

“While
I
don’t
expect
crypto
to
fully
realize
the
recent
U.S.
monetary
announcements’
inflationary
nature
immediately,
I
expect
prices
to
bottom,
chop,
and
begin
a
slow
grind
higher,”
Hayes
stated
in
a
recent

blog
post.
This
perspective
comes
at
a
time
when
investors
and
market
spectators
are
desperate
for
a
sign
of
stability.

Bitcoin
recently
took
a
significant
hit,
dropping

below
$57,000
just
before
a
crucial
Federal
Reserve
meeting.
However,
following
Fed
Chair
Jerome
Powell’s
announcement
that
interest
rates
would
remain
unchanged
—
a
widely
anticipated
decision
—
Bitcoin’s
price
began
to
stabilize.
It
has
since
climbed
to
$61,870,
marking
a
4.65%
increase
in
the
past
24
hours
via

CoinMarketCap,
following
news
of
U.S.
jobs
data.

Despite
his
optimism
about
the

market
finding
its
bottom,
Hayes
revealed
that
he
would
not
be
adding
to
his
Bitcoin
(BTC)
holdings
but
instead
focusing
on
other
opportunities.

“I
certainly
won’t
be
babysitting
Bitcoin
when
I
could
be
two-stepping,”
he
wrote,
expressing
his
intent
to
shift
his
investments
to
high-volatility
assets
like
Solana
(SOL)
and
“doggie
coins.”

In
addition
to
his
market
predictions,
Hayes
pointed
to
several
U.S.
economic
measures
that
could
increase
dollar
liquidity,
which
he
views
as
positive
indicators
for
the
crypto
market.

These
include
the
recent
bailout
of
Republic
First
Bank
and
upcoming
increased
federal
borrowing,
which
Hayes
believes
will
raise
long-term
bond
rates
and
potentially
trigger
yield
curve
control
measures
from
Treasury
Secretary

Janet
Yellen.

As
these
macroeconomic
factors
play
out,
Hayes
is
bullish
about
Bitcoin’s
long-term
prospects,
even
predicting
a
possible
ascent
to
$1
million.