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BitMEX co-founder Arthur Hayes mentioned Bitcoin and crypto costs might droop across the time of the Bitcoin halving as US policymakers use a “bag of methods” to bail out the monetary system.
The halving on Apr. 20 may also coincide with a interval of tight greenback liquidity with tax funds due from April 15 to Could 1, he mentioned in a weblog submit.
“On condition that the halving happens at a time when greenback liquidity is tighter than standard, it can add propellant to a raging firesale of crypto property,” he mentioned. “April will expertise excessive weak point in dangerous asset markets.”
“Heatwave” is an essay on why I am bearish regardless of the latest transfer greater in #crypto markets.https://t.co/gZ8Vl1uC04 pic.twitter.com/fH6docB499
— Arthur Hayes (@CryptoHayes) April 9, 2024
Bitcoin is again to buying and selling above $70K because the market anticipates the halving, which is lower than two weeks away. The Bitcoin Concern & Greed Index is at 80, displaying “excessive greed.”
Hayes mentioned the narrative of the Bitcoin halving being a bullish catalyst is “well-entrenched,” however added that previous traits present that when the market expects a sure consequence, the other tends to occur.
Fed Insurance policies Will Drive Lengthy-Time period Positive factors
The Federal Reserve is surreptitiously printing cash “so as to bail out the monetary system” and that might set off features for cryptocurrencies, gold, and shares in the long term, Hayes mentioned.
Whereas some insurance policies are slowing down liquidity within the brief time period and inflicting a bleed in danger property, in the long run the printing of cash can be a catalyst that reinforces crypto costs, he mentioned.
Hayes mentioned he had determined to abstain from buying and selling till Could, when he anticipates the crypto bull market will resume.
“I hope to return in Could with dry powder able to deploy to place myself for the bull market to start in earnest,” he mentioned.
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