HomeNewsArthur Hayes' Bold Prediction: Bitcoin Eyeing $70,000 Comeback

Arthur Hayes’ Bold Prediction: Bitcoin Eyeing $70,000 Comeback

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  • Based on previous bull market tendencies, Arthur Hayes forecasts a stabilization and gradual growth in the price of Bitcoin.
  • It is believed that modifications to the Federal Reserve’s quantitative tightening program will improve market conditions and liquidity.

In August 2024, swings between $60,000 and $70,000 are anticipated for Bitcoin, according to CEO of BitMEX Arthur Hayes’s Medium blog post, which offers a bullish outlook for the cryptocurrency.

Bitcoin’s Current Price Increase and Dominance in the Market

With a notable surge of 6.46% over the previous 24 hours and a slightly positive trend of 0.37% over the last week, the current BTC price, according to CoinGecko, is roughly $63,168.92.

This trend, which shows the market’s resilience, shows that even though Bitcoin’s market dominance has decreased to 53.90%, it is still higher than it was at the beginning of the year, as previously reported by ETHNews.

What’s interesting is, it appears like Hayes is right when he says that the crypto price may have peaked and is now slowly rising. Recent price statistics and market analysis seem to support this point of view.

A number of reasons, including the US tax season, the halving of Bitcoin, and the uncertainty surrounding future measures by the Federal Reserve, have contributed to the current declining trend in the BTC price. These trends are necessary modifications to the market, according to Hayes.

BTC’s Link to the Federal Reserve

Hayes attributes the recent improvements in the cryptocurrency market to the Federal Reserve’s decision to reduce quantitative tightening (QT).

The Federal Reserve has added liquidity to international markets by lowering the monthly ceiling on maturing Treasury bonds from $60 billion to $25 billion and setting an annual goal of reducing holdings by $300 billion.

Referring to the Federal Reserve’s approach as “stealth money printing,” Hayes proposes that reducing balance sheet operations and softening dollar liquidity might stabilize and even improve market conditions, which would help cryptocurrencies like Bitcoin inadvertently.

Another thing that will stabilize BTC’s value in the near future is the Federal Reserve’s decision to keep interest rates between 5.25% and 5.50%.

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Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: info@ethnews.com Phone: +49 160 92211628