Arthur Hayes suggests that profit-taking after the Bitcoin halving was one of the main reasons for the deterioration of the situation in the crypto market. The former CEO of BitMEX considers the decrease in capital inflows into spot Bitcoin ETFs, as well as investor concerns about the future actions of the US Federal Reserve System (FRS), to be additional negative factors.
“The price of Bitcoin will not rise above $700,00 until the end of August. And traders calling for the end of the Bitcoin bull run may be disappointed to learn that in fact the trend has not even begun yet. I believe that the coming weeks and months are the last opportunity to buy BTC on the cheap.”
A recovery in the value of Bitcoin will become possible after an increase in dollar liquidity, a decrease in the rate of bond sales, and interest income on US Treasury securities. According to the entrepreneur, the market will spend the summer of 2024 analyzing the impact of FRS actions on the inflation rate.
Earlier, Arthur Hayes said that inflation, rising government debt and a shortage of market supply of Bitcoin could contribute to rising prices in the cryptocurrency market.
Source: Bits
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