Arthur Hayes Analyzes the Cryptocurrency Market
Arthur Hayes, the founder and former CEO of BitMEX, recently shared his insights on the cryptocurrency market through a blog post. He emphasized that for an altcoin bull run to materialize, two critical conditions must be met.
As the cryptocurrency market navigates through turbulent times, the question of whether a bull run is imminent has arisen. The leading cryptocurrency, Bitcoin (BTC), has been on a downward trend for an extended period.
Following a significant crash on August 5, BTC fell below the $60,000 mark, causing investors to shift away from bullish expectations. Experienced trader Hayes indicated that both Bitcoin and Ether need to gain strength for an altcoin bull run to take off.
Clear Predictions for an Altcoin Rally
Arthur Hayes articulated his views on the altcoin rally, suggesting that it will commence once Bitcoin (BTC) surpasses $70,000 and Ether (ETH) exceeds $4,000. He noted that dollar liquidity is expected to increase due to the Federal Reserve’s interest rate policies, which could pave the way for a resurgence of altcoin enthusiasm.
Hayes stated, “A rally in Bitcoin and Ether inspired by dollar liquidity, combined toward the end of the year, will create a strong foundation for the return of a shitcoin frenzy.” According to him, the altcoin rally may kick off as the year comes to a close. The former CEO of BitMEX believes that Solana will lead the charge in this altcoin rally.
Sharing his thoughts on Solana, Hayes remarked, “SOL will rise above $250; however, the impact of SOL’s increase on the overall cryptocurrency market will not be as strong as that of Bitcoin and Ether, considering their relative market sizes.”
Currently, BTC is trading around $58,850, while leading altcoin ETH is testing the $2,650 level.
