Arthur Hayes: The Bullish Trend Will Return to Crypto Market
Arthur Hayes, the previous CEO of BitMEX, is confident that Bitcoin will reach $70,000. In a recent blog post, he predicted that the cryptocurrency will have a groundbreaking year in March 2024.
According to Hayes, the US Federal Reserve is paving the way for a BTC bull run. Currently, we are seeing a rise in US Treasury yields.
Typically, during times of bearish market trends, investors turn to government securities for investment opportunities.
The US dollar index has been on the rise since the beginning of fall and reached its highest levels since November of last year.
Additionally, long-term bond yields are increasing at a faster rate than short-term yields.
Hayes believes that the surge in demand for government securities by investors is usually a result of macroeconomic instability.
As optimism returns, traders are now investing in tech stocks. Soon, we will see a similar scenario play out where banks and funds will redirect capital towards investor portfolios.
A significant portion of these funds will not only go towards the IT sector but also towards digital currencies.
