Bitcoin
Is it time to buy Bitcoin and Altcoins? Cryptomillionaire Arthur Hayes has the answers
Arthur Hayesa cryptomillionaire and co-founder of cryptocurrency exchange BitMEX, encouraged cryptocurrency investors to trade long in Bitcoin and other promising altcoins on the market. He encouraged investors to prepare for an imminent Bitcoin bull run this season.
Arthur Hayes: go long on Bitcoin and Altcoins
In a recent blog post titled “Group Of Fools”, Hayes acknowledged Bitcoin’s prospects, highlighting that the crypto rush was finally waking up with Bitcoin potentially being one of the most profitable cryptocurrencies during this bull cycle.
The BitMEX co-founder linked the efforts of central bank to the performance of the crypto market, suggesting that actions taken by the US central bank could help propel the cryptocurrency market towards its early glory days, as the market recovers from the previous summer’s slump.
Hayes also released initial expectations for major policy changes in August 2024 during the Federal Reserve Jackson Hole Symposium. However, currently, it has noticed a reduction in monetary policies and, as a result, has encouraged investors to trade long in Bitcoin and other altcoins on the market.
Furthermore, the BitMEX co-founder recommended the introduction of new tokens and the deployment of liquid crypto assets, expressing strong conviction in shitcoins. In his blog post, he declared: “The crypto bull is waking up and is about to rip the skin off profligate central bankers.”
Furthermore, Hayes believes that the next Group 7 (G7) countries meeting would be important. He revealed that the financial market was more interested in the possibility of the Federal Reserve and The Bank of Japan (BOJ) cooperating to strengthen the Chinese (yuan). He also highlighted in his post that the dollar-yen exchange rate was one of the most important macroeconomic indicators.
The BitMEX co-founder noted that the financial market is also interested in the possibility of a rate cut among G7 countries, excluding the Bank of Japan. He made his reservations about the prospects for the Federal Reserve Cut Rates Near the US presidential elections scheduled for November 2024, citing the political and economic implications of the change.
Hayes predicted that neither the Fed nor the BOJ will rate changes at its June meetings. However, he remains optimistic about the Bank of England (BOE)suggesting that the BOE may follow in the footsteps of the Bank of Canada (BOC) and the European Central Bank (ECB) in reducing rates.
Bitcoin on track to reach new all-time highs
Sharing a similar sentiment to Hayes about remaining long Bitcoina crypto analyst identified as ‘Jelle’, on X (formerly Twitter) made a rally prediction about Bitcoin.
According to Jelle, Bitcoin is less than 4% away from reaching a new all time high. The cryptocurrency witnessed a rally to a new all-time high in early March, surpassing $73,000 and surpassing its previous high of over $69,000 in 2021.
Jelle stated that the The Bitcoin market is preparing to expand coming soon, highlighting the cryptocurrency’s strong price fundamentals. Similarly, Michael van de Poppe, a prominent crypto analyst, also expressed bullish sentiments towards Bitcoin, publicizing that the cryptocurrency is “strongly poised” for a breakout to a new all-time high.
Featured image from Pexels, chart from TradingView