BitMEX founder Arthur Hayes is doubling down on his name that Bitcoin (BTC) and crypto will probably see decrease costs earlier than rallying to new all-time highs.
Late final month, Hayes predicted that BTC would drop to as little as $70,000 amid a slew of bearish macroeconomic and crypto indicators earlier than rallying to as excessive as $250,000.
“Delicate actions between central financial institution steadiness sheet ranges, the speed of banking credit score growth, the connection between the US 10-yr treasury/shares/Bitcoin costs, and the insane Official Trump (TRUMP) memecoin worth motion produced a pit in my abdomen. It is a related feeling I acquired in late 2021, proper earlier than the underside fell out of the crypto markets.”
Following the extreme pullback witnessed over the weekend, Hayes says the correction in crypto will probably proceed “till morale improves.”
In keeping with the crypto veteran, the draw back worth motion will solely cease as soon as the standard monetary (TradFi) business is getting ready to collapse. At that time, Hayes believes that the Fed would ease financial coverage and provides TradFi corporations some reduction.
“The ache stops when a TradFi outfit is on the verge of chapter. Then the Fed reluctantly joins staff Trump and prints that cash. And you then higher be prepared to purchase crypto like you’ve got by no means purchased earlier than.”
Solana (SOL), Hayes says that the altcoin can drop to a degree final seen in November of final yr.
“And so they stated you’ll by no means have the ability to purchase SOL < $200 ever once more. Can we go to $150?”
At time of writing, SOL is price $216.
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