American Entrepreneur and crypto enthusiast Arthur Hayes gives his technical conditions for a rebound of the Altcoins while predicting cryptocurrencies to break out of bearish trajectory from September.
Arthur Hayes, an American entrepreneur and former CEO of cryptocurrency exchange Bitmex, has revealed his opinions on the general performance of Altcoins and what he thinks is necessary for the Altcoins to rebound.
Arthur Hayes revealed his analysis in an article written on Substack, explaining the correlation between Bitcoin, Ethereum, and Solana price levels and the general performance of Altcoins.
Hayes explained that Altcoins will rebound only if Bitcoin and Ethereum break through $70,000 and $4,000, respectively. He also expects Solana to climb to over $250.
He further explained the correlation between a Bitcoin and Ether rally to the performance of altcoins saying a rally by the two biggest crypto assets by market capitalization will definitely lead to a rebound of the Altcoins.
“The combination of a surge in dollar liquidity driving the rally of Bitcoin and Ether towards the end of the year will set the stage for the resurgence of a volatile altcoin event,” Hayes expressed.
According to Hayes, Bitcoin, and Ethereum were able to perform a lot better than other Altcoins in the long run because they both now have structural bids in the form of Net inflow into US-listed Exchange Traded Funds (ETF).
He explained that the ETFs by the two biggest crypto assets helped them escape the meltdown witnessed in the altcoin markets. Bitcoin ETFs were launched in the US in January, while Ethereum ETFs came much later in July.
US Elections very Uncertain
Hayes, in his write-up, explained his trading strategy for the United States Election cycle, which he described as a coin toss. He also expects the crypto market to exit its sideways to downward trajectory by September.
The United States presidential elections are slated for November this year, and Hayes believes there is no better time for liquidity. He explained his strategy for the election cycle, which involves not liquidating his portfolio and taking profits from his speculative momentum trades.
“The outcome of the election seems uncertain, akin to a coin toss. Personally, I’d prefer to observe the ensuing chaos from the sidelines and re-enter the markets once the US debt ceiling has been raised. I anticipate this occurring around January or February,” Hayes remarked.
As regards the outcome of the election, Hayes recognized the momentum the Trump campaign train gained after his attempted assassination. He believes the stepping down of Joe Biden and his replacement with Kamala Harris could really dent Trump’s chances come November.
Bitcoin at $1 million is the best case
Hayes double-downed on his prediction of Bitcoin hitting $1 million in a best-case scenario.
He believes that once the issue of the US debt ceiling is taken care of, Liquidity will pump from the Treasury and possibly the Feds to get the market back on track.
Only then will the Bull market season kick in fully with a possibility of Bitcoin hitting $1 million in a best-case scenario.
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