{"id":13183,"date":"2024-05-03T12:18:19","date_gmt":"2024-05-03T09:18:19","guid":{"rendered":"https:\/\/forklog.com\/en\/arthur-hayes-predicts-bitcoin-surge-to-70000-by-summers-end\/"},"modified":"2024-05-03T12:18:19","modified_gmt":"2024-05-03T09:18:19","slug":"arthur-hayes-predicts-bitcoin-surge-to-70000-by-summers-end","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/arthur-hayes-predicts-bitcoin-surge-to-70000-by-summers-end\/","title":{"rendered":"Arthur Hayes Predicts Bitcoin Surge to $70,000 by Summer&#8217;s End"},"content":{"rendered":"<p>The recent 12% pullback in Bitcoin is a &#8220;necessary market cleansing,&#8221; and the price will surpass $60,000, though it will not stabilize above $70,000 by the end of August, according to former BitMEX CEO Arthur Hayes.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">&#8220;Mayday&#8221; is a brief discussion on the recent Fed, US Treasury, the bank bailout policies. It&#8217;s money printing disguised. As such, I&#8217;m re-entering the market with super shitty shitcoins.<\/p>\n<p>The Hat Stays On!<a href=\"https:\/\/t.co\/XmBpQqzBx9\">https:\/\/t.co\/XmBpQqzBx9<\/a> <a href=\"https:\/\/t.co\/1SkIqZm5xk\">pic.twitter.com\/1SkIqZm5xk<\/a><\/p>\n<p>\u2014 Arthur Hayes (@CryptoHayes) <a href=\"https:\/\/twitter.com\/CryptoHayes\/status\/1786177132651221261?ref_src=twsrc%5Etfw\">May 2, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The expert noted that April&#8217;s dynamics matched his expectations. Hayes had previously <a href=\"https:\/\/forklog.com\/en\/news\/arthur-hayes-predicts-bitcoin-volatility-around-halving-event\">predicted<\/a> a Bitcoin drop following the halving, which <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-undergoes-fourth-halving\">occurred on April 20<\/a>.<\/p>\n<p>He attributed the market downturn to profit-taking after the reward reduction, alongside other factors such as the US tax season, concerns over <span data-descr=\"Federal Reserve System of the USA\" class=\"old_tooltip\">the Fed&#8217;s<\/span> decisions, and a slowdown in ETF inflows.<\/p>\n<p>According to Hayes, a return to growth is possible due to an increase in dollar liquidity.<\/p>\n<p>This will be driven by a combination of:<\/p>\n<ul class=\"wp-block-list\">\n<li>a reduction in the pace of bond sales by the Federal Reserve;<\/li>\n<li>payments by central banks on bank reserves and reverse repo operations;<\/li>\n<li>interest income from US Treasury securities.<\/li>\n<\/ul>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/1-1022.webp\" alt=\"1-1022\" class=\"wp-image-232071\"\/><figcaption class=\"wp-element-caption\">Data: BitMEX.<\/figcaption><\/figure>\n<p>By reducing <a href=\"https:\/\/en.wikipedia.org\/wiki\/Quantitative_tightening\" title=\"\"><span data-descr=\"quantitative tightening\" class=\"old_tooltip\">QT<\/span><\/a> monthly from $95 billion to $60 billion, the Fed effectively injects more liquidity ($35 billion) into the markets, which could theoretically flow into riskier assets like Bitcoin. Hayes described this as &#8220;hidden money printing.&#8221;<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;The slow addition of billions of dollars in liquidity each month will curb negative price movements from now on,&#8221;<\/em> he explained.<\/p>\n<\/blockquote>\n<p>In conclusion, Hayes noted that the market will spend the summer assessing the impact of recent US monetary policy statements on inflation.<\/p>\n<p>Jeff Ross, founder and CEO of Vailshire Capital Management, expressed a similar view. In his opinion, the Fed&#8217;s &#8220;rhetorical pivot&#8221; marked an official transition from &#8220;bad to less bad&#8221; liquidity conditions.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Lot&#8217;s of <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#bitcoin<\/a> doom and gloom out there again today.<\/p>\n<p>You do you, but I&#8217;m still respecting the ongoing bullcrab market.<\/p>\n<p>The FOMC rhetoric pivot yesterday (which begins on June 1st) was the official transition from bad-to-less-bad liquidity conditions, IMHO.<\/p>\n<p>As an aside,\u2026 <a href=\"https:\/\/t.co\/2HY0nWuW43\">pic.twitter.com\/2HY0nWuW43<\/a><\/p>\n<p>\u2014 Dr. Jeff Ross (@VailshireCap) <a href=\"https:\/\/twitter.com\/VailshireCap\/status\/1786113917426532768?ref_src=twsrc%5Etfw\">May 2, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Traders calling for the end of the Bitcoin bull market may be disappointed to learn that it hasn&#8217;t even started yet. I believe the coming weeks and months are the last chance to buy cheaply,&#8221;<\/em> he commented.<\/p>\n<\/blockquote>\n<p>Earlier, Bitfinex&#8217;s head of derivatives, Jag Kooner, identified signs of the market transitioning to a summer lull.<\/p>\n<p>Previously, trader Gordon Grant pointed to a decline in confidence in the growth of Bitcoin and Ethereum.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The recent 12% pullback in Bitcoin is a &#8220;necessary market cleansing,&#8221; and the price will surpass $60,000, though it will not stabilize above $70,000 by the end of August, according to former BitMEX CEO Arthur Hayes. &#8220;Mayday&#8221; is a brief discussion on the recent Fed, US Treasury, the bank bailout policies. It&#8217;s money printing disguised. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13182,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1193,1146,1249,1224],"class_list":["post-13183","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-arthur-hayes","tag-cryptocurrency-market-forecasts","tag-federal-reserve-system","tag-macroeconomics"],"aioseo_notices":[],"amp_enabled":true,"views":"58","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13183","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=13183"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13183\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/13182"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=13183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=13183"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=13183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}