Solana

Chair

Bitcoin

Arthur

Bitcoin billionaire and former BitMEX CEO Arthur Hayes shared a mix of cautious optimism and strategic moves for Bitcoin following a weekly decline. 
Hayes’s insights emerge as weekly red candles appear on multiple <a href="https://crypto.news/market-cap/" data-type="link" data-id="https://crypto.news/market-cap/" rel="">cryptocurrency</a> charts. These candles reflect the market’s downturn earlier this week, which he believes could be the bottom. 
“While I don’t expect crypto to fully realize the recent U.S. monetary announcements’ inflationary nature immediately, I expect prices to bottom, chop, and begin a slow grind higher,” Hayes stated in a recent <a href="https://blog.bitmex.com/mayday/" data-type="link" data-id="https://blog.bitmex.com/mayday/" target="_blank" rel="">blog post</a>. This perspective comes at a time when investors and market spectators are desperate for a sign of stability. 
Bitcoin recently took a significant hit, dropping <a href="https://crypto.news/bitcoin-falls-below-57k-for-the-first-time-in-two-months/" data-type="link" data-id="https://crypto.news/bitcoin-falls-below-57k-for-the-first-time-in-two-months/" rel="">below $57,000</a> just before a crucial Federal Reserve meeting. However, following Fed Chair Jerome Powell’s announcement that interest rates would remain unchanged — a widely anticipated decision — Bitcoin’s price began to stabilize. It has since climbed to $61,870, marking a 4.65% increase in the past 24 hours via <a href="https://coinmarketcap.com/currencies/bitcoin/" data-type="link" data-id="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="">CoinMarketCap</a>, following news of U.S. jobs data. 
<figure class="wp-block-image size-large">
 <picture loading="lazy" decoding="async" class="wp-image-14270279"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/05/BTC_1D_graph_coinmarketcap-1-1024x495.jpeg.webp"> 
 <img loading="lazy" decoding="async" width="1024" height="495" src="https://crypto.news/app/uploads/2024/05/BTC_1D_graph_coinmarketcap-1-1024x495.jpeg" alt="Arthur Hayes foresees market bottom, predicts gradual uptrend - 28"> 
 </picture> 
 <figcaption class="wp-element-caption">
 Bitcoin’s price | Source: CoinMarketCap
 </figcaption>
</figure> 
 You might also like: <a href="https://crypto.news/solana-to-surpass-all-time-high-despite-activity-decline-expert-predicts/" rel=""> Solana to surpass all-time high despite activity decline, expert predicts </a> 
Despite his optimism about the <a href="https://crypto.news/markets/" data-type="link" data-id="https://crypto.news/markets/" rel="">market</a> finding its bottom, Hayes revealed that he would not be adding to his Bitcoin (<a href="https://crypto.news/price/bitcoin/" data-type="link" data-id="https://crypto.news/price/bitcoin/" rel="">BTC</a>) holdings but instead focusing on other opportunities. 
“I certainly won’t be babysitting Bitcoin when I could be two-stepping,” he wrote, expressing his intent to shift his investments to high-volatility assets like Solana (<a href="https://crypto.news/price/solana/" data-type="link" data-id="https://crypto.news/price/solana/" rel="">SOL</a>) and “<a href="https://crypto.news/solana-meme-coins-surge-despite-crypto-market-decline/" data-type="link" data-id="https://crypto.news/solana-meme-coins-surge-despite-crypto-market-decline/" rel="">doggie coins</a>.” 
In addition to his market predictions, Hayes pointed to several U.S. economic measures that could increase dollar liquidity, which he views as positive indicators for the crypto market. 
These include the recent bailout of Republic First Bank and upcoming increased federal borrowing, which Hayes believes will raise long-term bond rates and potentially trigger yield curve control measures from Treasury Secretary <a href="https://crypto.news/tag/janet-yellen/" data-type="link" data-id="https://crypto.news/tag/janet-yellen/" rel="">Janet Yellen</a>. 
As these macroeconomic factors play out, Hayes is bullish about Bitcoin’s long-term prospects, even predicting a possible ascent to $1 million. 
 Read more: <a href="https://crypto.news/bitcoin-outperformed-amazon-netflix-over-last-decade/" rel=""> Bitcoin outperformed Amazon, Netflix over last decade </a>

Arthur Hayes foresees market bottom, predicts gradual uptrend

crypto.news

Other articles published on May 3, 2024

Ethereum’s next price target – ETH can climb to $3,300 ONLY if…

Bitcoin, Ethereum Move Higher Following Jobs Data; Arweave Emerges As Top Gainer

Bitcoin hits $62K with 5% surge on weak US job data

FTX Exec Loses Paradise, Surrenders $5.9 Million Bahamas Mansion

FTX Executive Forced to Forfeit $5.9 Million Bahamas Mansion: Impact on FTX Coin (FTT) Performance

5 Cryptos Poised to Outpace XRP in the Upcoming Crypto Surge

Join our free newsletter for daily crypto updates!