Former BitMEX CEO Arthur Hayes, known for his insights into Bitcoin and the cryptocurrency market, has outlined a pessimistic short-term outlook for Bitcoin. In his latest article, Hayes suggested that Bitcoin could potentially drop to $50,000 in a worst-case scenario, with altcoins possibly facing even steeper declines due to macroeconomic factors and rising bond yields.
Hayes indicated that Bitcoin might see temporary drops or stagnation due to increases in the Fed's Reverse Repo Program (RRP) balance. However, he anticipates a market rally when the Fed and the Treasury Department enhance liquidity.
Hayes expects intervention by the Fed and the US Treasury Department to start in late September, predicting that Bitcoin and altcoins will continue their downward trend until then. Although he had previously forecast a bull market restart in September, he has revised this view and now sees the end of September as a potential period for a rise.
Despite short-term decline expectations, Hayes maintains a long-term optimistic outlook and plans to increase his investments in BTC and reliable altcoins during the downturn. He had earlier mentioned investing in popular memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB). #BTC #BTC☀️ #cryptocurrencies #BTC🌪️ #bitcoin