Arthur Hayes points to positive Bitcoin prospects despite Fed policy

Bitcoin has been in a bull market since March 2023 and, over the next 6–12 months, will unleash a new impulse, according to BitMEX co-founder Arthur Hayes, Cointelegraph reports.

The expert is convinced the uptrend began after the launch of the Fed‘s $25 billion bank-rescue program in light of «rescue» of Silicon Valley Bank.

Hayes stressed that since then digital gold has been on the rise, but the full bull market will not fully manifest for another 6–12 months.

In effect, [the Fed] backed the entire banking system, saying: ‘Please hand over your bonds with devalued junk, and I’ll top you up with fresh dollars’. We dropped the veil that we care about the value of the dollar and any fiat currency, — the expert noted.

According to Hayes, such a situation has prompted traders to focus on scarce-supply assets such as Bitcoin. To date, only a small portion of the market has reacted, he believes.

The BitMEX co-founder says that the favourable prospects for digital gold will not be affected by either a potential tightening of monetary policy by the Fed or the launch of the money-printing press.

In both scenarios […] we are in a good position, — he concluded.

Earlier, on 12 December 2022 Hayes stated that the first cryptocurrency had bottomed, and five months later forecasted its rally to 2024.

Recently, the expert allowed for a possible brief dip below $20,000 with a subsequent new bullish impulse.