Bitcoin has been in a bullish trend since March 2023 and will realize new momentum over the next 6-12 months. This was stated by BitMEX co-founder Arthur Hayes. Cointelegraph.
The expert is convinced that the growing phase started after the Fed launched a $25 billion banking sector stabilization program after the “rescue” of Silicon Valley Bank.
Hayes stressed that since then, digital gold has been on the rise, but the full bull market will manifest itself in 6-12 months.
“Actually [ФРС] supported the entire banking system, saying: „Please hand over your worthless slag bonds and I’ll give you fresh dollars.”. We’ve dropped the veneer that we care about the value of the dollar and any fiat currency.” the expert pointed out.
According to Hayes, this situation prompted traders to turn their attention to assets with a limited supply like bitcoin. By the current day, only a small part of the market has reacted so far, he is convinced.
The BitMEX co-founder believes that neither the possible tightening of the Fed’s monetary policy nor the launch of the “printing press” will affect the favorable prospects for digital gold.
“In both scenarios […] we are in a good position” he concluded.
Recall that on December 12, 2022, Hayes announced that the first cryptocurrency had reached the bottom, and five months later he predicted its new rally by 2024.
Recently, the specialist allowed a possible short-term departure of bitcoin below $20,000, followed by a new bullish momentum.
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2023-09-05 13:25:12
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