Unlocking Altcoin Season: Bitcoin and Ethereum Price Targets Forecasted
Are you ready for the potential start of the altcoin season? According to Arthur Hayes, the co-founder of BitMEX, and Chief Investment Officer at Maelstrom Fund, there are specific price levels that Bitcoin and Ethereum need to reach to kickstart the next altcoin rally.
Key Price Levels for Altcoin Rally
- Bitcoin needs to surpass $70,000
- Ethereum must exceed $4,000
Restoring Investor Confidence
Breaking these significant psychological barriers is crucial for restoring investor confidence and attracting capital into smaller-cap coins. Hayes believes that reaching these levels will set the stage for a broader altcoin rally.
Market Movements and US Election Impact
Hayes ties these imminent market movements to macroeconomic factors like the issuance of US Treasury bills (T-bills). He anticipates that this new liquidity will propel Bitcoin towards the $100,000 mark within this cycle, benefiting not only Bitcoin but also Ethereum and the broader altcoin market.
Regarding the upcoming US election, Hayes sees it as a significant event that could impact the crypto market. He plans to sell into strength, taking profits in more speculative momentum trades while holding onto his crypto portfolio. He also reiterated his $1 million Bitcoin prediction once the US debt ceiling situation clears up, expecting liquidity to flow back into the market and kick off a new bull market phase.
Hot Take: Preparing for Altcoin Season
As the market dynamics shift and key price levels for Bitcoin and Ethereum loom on the horizon, now is the time to keep a close eye on these developments. Stay informed and be prepared for the potential start of the altcoin season as the crypto market gears up for its next phase.
Sources:
– https://cryptohayes.substack.com/p/water-water-every-where
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