Bitcoin Price Forecast: Arthur Hayes Predicts $110K Before $76.5K
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Bitcoin’s been experiencing a bit of a breather lately, its price gently swaying between $81,000 and $89,000 for a few sessions. This newfound steadiness has been a welcome sign for many traders, easing concerns about a steep drop below $80,000. It seems like the selling pressure is starting to let up, as buyers are slowly but surely returning to the market. We might just be in an accumulation phase, which often sets the stage for the next upward climb.
Even though the selling seems to be calming down, it’s still worth remembering that a dip below $80,000 could happen at any time. However, Arthur Hayes, the former CEO of BitMEX and a well-known crypto investor, recently made a pretty bold prediction: he thinks Bitcoin will hit $110,000 before we see it test the $76,500 level again.
Arthur Hayes Predicts $110,000 Will Arrive Before a Potential Drop to $76,500
Right now, Bitcoin is closer to $75,000 than it is to $110,000, but crypto expert Arthur Hayes believes it’s more likely we’ll see that higher number first. A jump to $110,000 would mean Bitcoin hits a new all-time high, surpassing its current record of $108,786 from January.
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Currently, Bitcoin is trading about 20.3% below that peak, and it’s understandable to be a little worried about a deeper correction. The possibility of it pulling back to $76,500 is still a real concern, especially since that price point is just below this month’s lowest point and could be tested again before we see another upward swing.
Hayes shared his thoughts on X, giving both a price target and the bigger economic picture behind it. He confidently stated, “I bet $BTC hits $110k before it retests $76.5k,” explaining that the current market energy, along with changes in monetary policy, make it more likely for Bitcoin to go up rather than slide back down to $76,500. He even suggested that once Bitcoin breaks through $110,000, it might not look back until it’s getting close to $250,000. This kind of target is also something other crypto analysts are predicting.
Incoming Shifts in Monetary Policies
Hayes’ prediction is largely based on the Federal Reserve’s evolving approach to liquidity. He highlighted that the Fed is moving away from quantitative tightening (QT) and into a new phase of quantitative easing (QE), particularly in the Treasury market. Even though the Fed has been doing quantitative tightening (QT) since June 2022, there’s now talk about pausing or reducing how much they are shrinking their balance sheet. According to Reuters, some experts are thinking we might see a shift towards something more like QE soon.
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This kind of shift could mean more money flowing into the financial system, potentially pushing up the prices of assets like Bitcoin. Hayes also brushed aside concerns about inflation, mentioning that the Fed Chairman seems to see it as “transitory inflation.”
As of now, Bitcoin is trading at $86,600, and in the last 24 hours, it reached a high of $88,713.
Featured image from Unsplash, chart from Tradingview.com
