Arthur Hayes, the former CEO of BitMEX, suggests that Bitcoin has reached its local bottom and is poised for a gradual ascent, potentially stabilizing between $60,000 and $70,000 by August. This outlook follows a recent 12% market retraction, which Hayes characterizes as a necessary market correction. He attributes this downturn to several factors including U.S. tax season pressures, Federal Reserve policies, and slowed ETF inflows. Hayes anticipates a slow market rebound driven by increased liquidity from the Federal Reserve's adjusted quantitative tightening and new Treasury debt issuance strategies, which he refers to as "stealth money printing."
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
