Arthur Hayes, the co-founder of BitMEX, has shared his insights on Bitcoin’s recent price movements.
Local Bottom Reached
Hayes believes Bitcoin has found a local bottom at around $58,600. He predicts it won’t fall below this level again soon.
Range-Bound Action Ahead
Hayes forecasts that Bitcoin will rally above $60,000 and then trade between $60,000 and $70,000 until August.
Factors Behind the Decline
Hayes attributes Bitcoin’s recent drop to:
- Fed rate decision
- Bitcoin halving sell-off
- Slowed demand for US Spot Bitcoin ETFs
Impact of Fed Policy
Hayes believes the Fed’s announcements will lead to money printing, which could dampen negative price movements in crypto. However, he warns of the long-term inflationary effects.
Hayes’ Trading Strategy
- Buy Solana and “doggie coins” for momentum trading
- Increase allocations in Pendle and other undervalued tokens for long-term positions
- Wait for the market to adjust to the inflationary nature of the Fed’s announcements
Potential “Doggie Coin”
Hayes has previously expressed interest in Dogwifhat (WIF) as a potential “doggie coin” accumulation target.
