Arthur Hayes Says Bitcoin Has Bottomed As BTC Whale “Mr. 100” Buys The Dip For First Time Since The Bitcoin Halving
In a recent blog post, BitMEX co-founder Arthur Hayes declared that Bitcoin has bottomed out at $58,600 and is poised for a gradual upward trend. Hayes attributes the recent slump to factors like the US tax season, concerns over Federal Reserve policy decisions, and investor reactions post-halving, but believes the tide is turning due to ongoing US policies that inject billions of dollars of liquidity into the market. He predicts that Bitcoin will rally past $60,000 and then trade within a range of $60,000 to $70,000 until August. Notably, the Bitcoin whale known as "Mr. 100" has made his first purchase since the Bitcoin halving, buying over $242 million worth of Bitcoin at the $58,000 mark, indicating confidence in the cryptocurrency's future prospects. While not all analysts share Hayes' optimism, with Standard Chartered predicting a potential plunge to $50,000, the growing institutional interest, as seen in BNP Paribas' venture into Bitcoin ETF investment, suggests a positive outlook for the broader crypto market.