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Arthur Hayes, American entrepreneur and co-founder of crypto derivatives platform BitMEX, has predicted that altcoin season would come after bitcoin and ether break through $70,000 and $4,000, respectively.that the combination of a dollar liquidity-inspired BTC and ETH rally toward the end of the year would build a strong foundation for the return of a “sexy shitcoin soiree.
Recent historical data cited by Hayes shows that BTC pumps when the U.S. government issues treasury bills. Conversely, BTC has traded sideways orintense dips whenever treasury bills were net withdrawn from the market. These market moves were seen before the dollar-yen fell from 162 to 142, causing a general selloff in risk assets.
“In any case, I expect that crypto will exit its sideways-to-downward trajectory starting in September. As such, I will take advantage of this late northern hemispheric summer weakness to load up on crypto risk,” he added.Interestingly, Hayes intends to return to the sidelines after the U.S. presidential elections in November. He said he would “watch the chaos” and return to the market after the U.S. debt ceiling is raised in January or February.
Following the rise in the U.S. debt ceiling, the BitMEX co-founder expects liquidity from the Treasury to get markets back on track and trigger the main bull run, which will see bitcoinCOTI V2 Underway, Garbled Circuits Integration and Privacy Breakthroughs: Interview with CEO Shahaf Bar-GeffenAI is Going to be the Center of our Lives, Like it or Not: Akash Network’s Greg Osuri One Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted.
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