Altcoin
Is it time to buy Bitcoin and Altcoins? Crypto millionaire Arthur Hayes has the answers
Arthur Hayesa crypto millionaire and co-founder of cryptocurrency exchange BitMEX, encouraged cryptocurrency investors to do so go long on Bitcoin and other promising altcoins on the market. He encouraged investors to prepare for an impending Bitcoin bull run this season.
Arthur Hayes: Betting Long on Bitcoin and Altcoins
In a recent blog post titled “Group Of Fools”, Hayes acknowledged Bitcoin’s prospects, pointing out that the cryptocurrency bull run was finally awakening with Bitcoin potentially one of the most profitable cryptocurrencies during this period. bull cycle.
BitMEX co-founder linked the efforts of Central bank to the performance of the cryptocurrency market, suggesting that actions taken by the US central bank could help push the cryptocurrency market back to its early glory days, with the market recovering from the previous summer crash.
Hayes also revealed initial expectations of major policy changes in August 2024 under the Federal Reserve Jackson Hole Symposium. However, currently, he noted a reduction in monetary policies and, as a result, encouraged investors to do so go long on Bitcoin and other altcoins on the market.
Furthermore, the BitMEX co-founder recommended the introduction of new tokens and the use of liquid cryptocurrencies, expressing strong belief in shitcoins. In his blog post, he stated: “The cryptocurrency bull is awakening and about to get under the skin of profligate central bankers.”
Furthermore, Hayes believes that the imminent Group 7 (G7) countries. the meeting would be important. He revealed that the financial market was more interested in the possibility of the Federal Reserve and the Bank of Japan (BOJ) cooperate to strengthen China (yuan). In his post he also highlighted that the dollar-yen exchange rate is one of the most important macroeconomic indicators.
The BitMEX co-founder noted that the financial market is also interested in the possibility of a rate cut among G7 countries, excluding the Bank of Japan. He expressed his reservations about the prospects of the The Federal Reserve cuts rates near American presidential elections scheduled for November 2024, citing the political and economic implications of the move.
Hayes predicted that neither the Fed nor the BOJ will succeed rate changes at their June meetings. However, he remains optimistic about the Bank of England (BOE)suggesting that the BOE could follow in the footsteps of the Bank of Canada (BOC) and the European Central Bank (ECB) in cutting rates.
Bitcoin is on track to hit new all-time highs
Sharing a similar sentiment as Hayes to keep going for a long time Bitcoina crypto analyst identified as “Jelle” on X (formerly Twitter) has made a bullish trend prediction on Bitcoin.
According to Jelle, Bitcoin is less than 4% away from rising historic high. The cryptocurrency witnessed a rally to a new all-time high in early March, surpassing $73,000 and surpassing its previous all-time high of over $69,000 in 2021.
Jelle stated that the The Bitcoin market is preparing to expand early, highlighting the cryptocurrency’s strong price fundamentals. Similarly, Michael van de Poppe, a prominent crypto analyst, also expressed bullish sentiments regarding Bitcoin, revealing that the cryptocurrency is “strongly poised” for a breakout to a new all-time high.
Featured image of Pexels, TradingView chart