Arthur Hayes Predicts Massive Bitcoin Price Rally
According to BitMEX co-founder Arthur Hayes, it’s time to pump financial assets, specifically Bitcoin (BTC). This comes in response to a possible pivot by the U.S. Federal Reserve. Hayes expects a massive rally in Bitcoin’s price following the most devastating bear market that the crypto community has ever seen.
The U.S. Fed recently kept interest rates unchanged at 5.25% to 5.50% during the FOMC meeting. Fed Chair Jerome Powell stated that slowing down has given them a better sense of how much more they need to do, if necessary. However, there is still a possibility of a rate hike in December.
Despite inflation measures being above the Fed’s target of 2%, with the annual core PCE cooling to 3.7%, Hayes suggests focusing on Bitcoin and other cryptocurrencies instead of treasury bills. He expects massive stimulus from China, Europe, and Japan due to the Fed’s dovish approach.
Bitcoin and Other Crypto Rally
In addition to October’s positive momentum, Bitcoin reached a year-high of $35,919 before experiencing profit booking by traders. Currently, BTC is trading at $35,193. Other top cryptocurrencies like SOL, ETH, XRP, ADA, and DOGE have also experienced bullish momentum with increases ranging from 13% to an unspecified amount.
Hot Take: Bitcoin Price Rally Expected Following U.S. Federal Reserve Pivot
BitMEX co-founder Arthur Hayes predicts a massive rally in Bitcoin’s price due to a possible pivot by the U.S. Federal Reserve. With interest rates remaining unchanged for now and inflation measures above target levels, Hayes believes it’s time for investors to focus on Bitcoin and other cryptocurrencies instead of treasury bills.
Bitcoin has already experienced a significant rally this year, reaching a year-high of $35,919. Other top cryptocurrencies have also seen positive momentum. As the crypto market awaits the pre-halving rally, Hayes’ bullish stance on Bitcoin suggests further price increases in the near future.
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