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Arthur Hayes’ Optimistic Bitcoin Price Forecast
Arthur Hayes, co-founder and former CEO of BitMEX crypto exchange, shared his bullish outlook on Bitcoin’s price. He predicts a stabilization around $60,000, followed by fluctuations within the $60,000 to $70,000 range until August 2024.
Factors Influencing Bitcoin Price
- US tax season impact
- Uncertainty surrounding Federal Reserve actions
- Impact of the Bitcoin halving event
Hayes sees these factors as necessary adjustments for the market and expects a gradual recovery in the BTC price.
Federal Reserve’s Influence on Bitcoin Price
Hayes referenced the Federal Reserve’s shift in quantitative tightening policy as a key factor. The Fed’s decision to decrease the rate of QT is expected to increase dollar liquidity, providing stimulus to global asset markets each month.
As the Fed tapers QT, Hayes predicts a gradual increase in crypto prices, attributing it to the added liquidity offsetting negative price movements.
Insights from Vailshire Capital Management CEO
Dr. Jeff Ross, CEO of Vailshire Capital Management, echoed Hayes’ sentiments, suggesting that the ongoing bull market for Bitcoin may not have concluded yet. He believes that the actual bullish run for the Bitcoin price may be yet to start.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
