Arthur Hayes believes that the BTC rate has reached a local bottom and will slowly grow over the next few months. He published his blog about this on the website of the BitMEX crypto exchange.
Let us remind you that he himself is the ex-head of the#BitMEXcrypto exchange and a fan of writing essays on crypto topics after he solved problems with the American authorities with house arrest.
Theses from Arthur in his new text:
- BTC's 12% pullback in recent days was a "necessary market cleanup."
- The price will overcome $60,000 and will not consolidate above $70,000 until the end of August.
- The reason for the deterioration of market conditions is profit-taking on the fact of halving. Other reasons include the US tax season, concerns over Fed decisions and a slowdown in ETF inflows.
- A recovery in growth will be possible thanks to increased dollar liquidity; the market will spend the summer assessing the impact of recent US monetary policy statements on inflation.
- Traders waiting for the BTC bull market to end may be disappointed to learn that it hasn't actually even begun yet.
- The coming weeks and months are the last opportunity to buy BTC on the cheap.
There are two reasons to listen to Hayes:
- Back on January 5, 2024, he predicted a BTC price correction of 20-30% in March 2024.
- He announced expectations for the start of the BTC price correction on April 9. And he said that he would not trade until May.
