Arthur Hayes Warns of Bitcoin Dip to $50K, Altcoins Facing Major Decline
Arthur Hayes, co-founder of Bitmex, warns that Bitcoin could gradually decline to $50,000, with altcoins potentially dropping even further.
He attributes this to reduced dollar liquidity due to Federal Reserve policies, specifically the rise in Reverse Repo Program (RRP) balances, which pulls liquidity from the financial system. Hayes expects RRP balances to continue increasing, pressuring Bitcoin prices.
While he remains cautious in the short term, he anticipates possible intervention by central banks in late September and maintains a long-term bullish outlook on crypto, predicting future monetary easing will benefit the market.
Clever Robot News Desk 6th September 2024
